Updated: Jul 14
Did you know that Medicare plans can change yearly—costs, coverage, and which providers and pharmacies are in-network? Reviewing your Medicare benefits during open enrollment can help ensure you are not missing out on a better plan.
Medicare’s open enrollment period is October 15 to December 7
During this time, you can change your Medicare health plan and prescription drug coverage to meet your 2023 needs better.
How do I know if I need to change plans?
If you have a Medicare health or prescription drug plan, you should always review the materials your plan provider sends you, like the “Evidence of Coverage” (EOC) and “Annual Notice of Change” (ANOC). If your plans change, you must ensure your coverage will still meet your needs.
What is the best Medicare plan for me?
You may want to consider the following details with your financial advisor:
Premiums—the cost you pay to keep your policy in force. You are usually paying monthly.
Deductibles—the amount you pay before insurance kicks in.
Copays—the fixed amount you pay after the deductible.
Coinsurance—the percentage you pay per healthcare service claim.
Networks—facilities, providers, and suppliers contracted in a plan.
Drug formularies—the list of prescription drugs covered in a plan.
Other benefits include dental, hearing, and vision.
Navigating Medicare options can be confusing, but Morris & Pursley Financial Plans can help you understand your Medicare choices.
Sometimes it helps to talk through these options with a professional financial advisor. Not all financial advisors are created equally. If you are retired or nearing retirement, consider looking for someone specializing in retirement income planning.
You have many options, and Morris & Pursley Financial Plans can help you navigate all your choices. We can review programs you may qualify for to reduce your overall out-of-pocket expenses.
When you’re ready schedule an appointment here or call our office at 254-773-5031. We're looking forward to helping you retire happy.
Disclosure: The information provided in this blog post is for educational purposes only and should not be considered as personalized financial advice. As an RICP (Retirement Income Certified Professional) financial advisor, I am sharing general knowledge and insights based on my professional expertise. The strategies and concepts discussed may not be suitable for everyone, and individual circumstances should be taken into consideration. It is recommended to consult with a qualified financial professional before making any financial decisions. I am not affiliated with any specific financial institution or company mentioned in this article. This blog post is not an endorsement or recommendation of any specific financial products or services. The content provided is accurate to the best of my knowledge at the time of writing, but it may not reflect the most current regulations or developments in the financial industry. Please consult with a professional advisor for up-to-date and personalized advice tailored to your individual financial goals and circumstances.