Navigating the 2024 Medicare Enrollment Period

Scott Wimmer, CFA, CFP®
  • Medicare Annual Enrollment Period runs from October 15th - December 7th
  • Participants should review their Annual Notice of Change (ANOC) letters to determine if any changes need to be addressed
  • Any changes made to your coverage will begin January 1st, 2024

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.

What's With All the Letters?

From RightCapital

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.

Disclaimer: You should always consult a financial, tax, or legal professional familiar with your unique circumstances before making any financial decisions. This material is intended for educational purposes only. Nothing in this material constitutes a solicitation for the sale or purchase of any securities.

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