We are fast approaching my favorite time of year, Annual Open Enrollment Period for the Medicare insurance products. Individuals with Medicare in the coming weeks will be receiving the 2023 information packets. Medicare Advantage Plans, the Medicare Prescription Drug Plans, & the Medicare Supplements all have slightly different coverage pricing and benefits each year.
Those changes are announced October 1 for the upcoming 2023 year. The Centers for Medicare & Medicaid Services (CMS) requires insurance companies notify to you of any changes in the New Year’s coverage by October 1. During the next few weeks of September, you will be receiving mail from your insurance company informing you of what 2023 coverage looks like for that plan. When you get that new information for 2023, focus on learning about how your insurance coverage may be changing.
October 1 is the date that all the Medicare related insurance products release their information allowing individuals to compare their alternatives for the New Year. The www.medicare.gov website will have all of that information on 10-1. On October 1, you can compare the other plans to your current plan and research some of the alternatives.
Then on October 15 the Annual Open Enrollment Period actually begins. This is the date that you can first make a change to your insurance coverage that will begin 1-1-2023. From October 15 to December 7 every year, those enrolled in Medicare and the accompanying insurance products can review and change their insurance to a product that will work better for them in the New Year.
When you have Medicare, you’ll notice an increase in the amount of mail (and maybe email) that you receive in the coming weeks. That mail includes important information about the insurance product you already have. That mail also includes information about many other products that are available to you.