The Medicare enrollment season has now opened and will remain so until December 7th. Explore your Medicare coverage options.
The Annual Election Period came about with the introduction of Medicare Part D in 2006 and lasts 8 weeks every fall. Part D plans and Medicare Advantage plans can re-adjust their premiums every year, so Medicare allows participants to shop around and evaluate plans.
A big part of successful retirement planning is focusing on what you can control. Healthcare costs are the second largest expense that retirees will face after housing, taxes on future income comes in at number three. Successful retirement planning requires us to focus on what we can control so we wanted to provide a high-level overview of Medicare programs and things that enrollees should consider during this end-of-year period.
The Inflation Reduction Act of 2022 made the following enhancements to Medicare Part D:
1. Requires drugmakers to pay rebates to Medicare if prices rise too quickly
2. Introduced $35 / month cost sharing cap on insulin
3. Caps out-of-pocket spending for Medicare beneficiaries
4. Allows government to negotiate prices on prescription drugs starting 2026
Any changes you make to your Medicare coverage during this open enrollment period will take effect on January 1st, 2024. Now is the time for enrollees to review their Annual Notice of Change (ANOC) to see if their plan has any major changes for 2024 that can be addressed now.
This content is for informational and educational purposes only and should not be construed as personalized investment, tax, or legal advice. All opinions expressed are as of the date of publication and are subject to change without notice. Any historical, hypothetical, or backtested performance data referenced herein has inherent limitations: it does not represent actual client accounts or actual trading, is not reduced by advisory fees or other expenses that would apply to a real account unless stated otherwise, assumes reinvestment of dividends and other earnings, and was calculated with the benefit of hindsight. Actual results will vary, and past performance does not guarantee future results. The value of investments will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. References to specific securities, funds, or investment strategies are for illustrative and educational purposes only and do not constitute a recommendation to buy or sell any security. Not all recommendations will be profitable. Any testimonials or client comments referenced are not representative of the experience of all clients, are not indicative of future performance, and no compensation was provided in exchange for such statements. Information has been obtained from sources believed to be reliable, but its accuracy cannot be guaranteed. Nothing herein is a solicitation or offer to buy or sell any security. Meredith Wealth Planning, LLC is an SEC-registered investment adviser; registration does not imply a certain level of skill or training. For a full description of our services, fees, and any conflicts of interest, please review our Form ADV Part 2A and Form CRS at meredithwealth.com/disclosures.
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