The Medicare Open Enrollment (MOE) 2020 is fast approaching. Many workers who are preparing to retire will need to be prepared for the upcoming enrollment period. If you don’t know what to expect, you could end up missing out on the benefits of enrolling in Medicare before the end of the year. So, let’s take a look at everything workers can expect during Medicare Open Enrollment 2020.
This year, the Medicare Open Enrollment will begin on October 15th. The MOE will last for a little over two months. It will officially end on December 7th. It’s important to remember that once the Medicare Open Enrollment Period for 2020 ends, you will have to wait a full year for the next MOE.
Medicare Open Enrollment is designed to give you an annual period in which you can make changes to your Medicare coverage. If you’re a worker, this is also the only chance you’ll get to sign up to have Medicare in 2021. Once you’ve retired and started collecting Social Security, you’re automatically signed up for Original Medicare.
Though workers can collect Social Security if they qualify, many don’t. As a result, if you’re working and have not begun collecting Social Security, you will need to sign up for Medicare on your own. Fortunately, Time for 65’s partnered licensed agents would be happy to help you with the enrollment process.
The main thing that workers can do during the Medicare Open Enrollment Period 2020 is sign up for a new Medicare plan. However, if you already have Medicare, you can also switch to a new plan or add additional plans to your coverage. For example, if you want prescription drug coverage, you can add a Part D plan to Original Medicare. Additionally, if you want to save on copayments and deductibles, you can add a Medicare Supplement plan during the enrollment period.
Finally, many workers use the Medicare Open Enrollment Period to switch to a Medicare Advantage plan. Medicare Advantage is simply a Medicare plan brokered through a private provider. It provides all the same benefits as Part A and B, plus most Medicare Advantage plans include prescription drug, hearing, dental, vision, and wellness coverage. If you want to switch to Medicare Advantage and the MOE has already passed, don’t stress. There is a special Medicare Advantage Open Enrollment Period from January 1st to March 31st.
Workers who are preparing to retire or nearing Medicare eligibility need to know about the Medicare Open Enrollment Period. For many, it is the only time during the year in which they can sign up for a new plan or switch Medicare plans. So, be sure to take advantage of this year’s MOE before it’s too late!
If you’d like to learn more about the Medicare Advantage Open Enrollment Period or your Medicare coverage options, feel free to fill out this form or give us a call anytime. Time for 65’s partnered licensed agents are focused on giving you the information you need, with zero pressure to enroll in a plan.