Medicare Annual Enrollment Period October 15 - December 7
Medicare Annual Enrollment Period is a very important time for your insurance renewal.
As your insurance broker, I investigate answers to your questions, offer recommendations customized to fit your needs and provide ongoing support, without additional cost to you. Your insurance company pays me to provide ongoing assistance with your insurance plan decisions, and renewals, which helps them too!
The easiest way to schedule an appointment to assist you with the Medicare process is to click the button below to select a time in my calendar.
Request an appointment with me if you need to enroll in Medicare or make a plan change and I will walk you through the steps.
What You Need To Know
The Annual Enrollment Period allows every Medicare beneficiary to change insurance plans. This applies to Medicare Advantage Plans and Part D Prescription Drug Plans. If you are going to make a plan change, you must do so between October 15th and December 7th, and your new plan will become effective January 1 of the following year.
Review your annual notice of change (renewal) package from your insurance plan. Are you satisfied with your benefit coverage? Are you satisfied with the provider network? Is there something that has changed for you that warrants an insurance plan change?
If you want to keep your plan there is no need to reenroll, in most cases. Generally, your insurance will automatically renew. Please let us know that you’ve decided to keep your plan.
If you want to change to a different plan, please request a phone appointment with me to help you choose your new plan and complete the plan change process together.
If your plan is being discontinued, I will be contacting you early to give you plenty of time to consider all your options to replace your plan. If your plan is being discontinued there will be an important Special Election Period (SEP) message in your letter that gives you the right to change plans even after December 7th. In addition, it gives you a guarantee issue right to enroll in a Medicare Supplement (Medigap) plan without health underwriting. Keep your letter until you decide what plan you choose for 2024.
Special Election Period (SEP)
In most cases, you must stay enrolled for the calendar year starting the date your coverage begins. However, in certain situations, you may be able to join, switch, or drop a Medicare Advantage Plan during a Special Election Period.
Some examples are:
Your plan is discontinued.
You move out of your plan’s service area.
You have Medicaid or qualify for Extra Help program.
You live in an assisted living facility (like a nursing home).
You want to enroll into a plan with 5 Stars.
Medicare Supplement Plans, such as Plan F, G or K do not have an annual enrollment period, and require no action from you at this time. However, if you want to switch from a Medicare Supplement Plan to a Medicare Advantage Plan or the other way around, let me know to discuss all your options and what is necessary. Medicare Supplement Plan members can change to another Medicare Supplement Plan most any time, and sometimes without health restrictions. I am available to help you.
The staff at Insurance Solutions NW, Inc will be assisting me to schedule phone appointments. Please let us know your plan decision and how we can serve you. Thank you for your business. We appreciate you!
Medicare Advantage Plans
Click the images below to enroll directly with the following Medicare Advantage Plan carriers or contact us to explore your options!
Medicare costs for 2023
https://www.medicare.gov/your-medicare-costs/medicare-costs-at-a-glance
Part A:
Premium
Most beneficiaries do not pay a premium, however, if they or a spouse did not work the required 40 quarters, then the following would apply:
$506 per month if less than 30 quarters
$278 per month if at least 30 quarters, but less than 40
Deductible/Copays
$1,600 per stay (every 60 days)
$400 per day, days 61-90
$800 per day, days 91-150
(For beneficiaries in skilled nursing facilities, the coinsurance for days 21 through 100 of extended care services in a benefit period will be $194.50 per day.)
Part B:
The standard Part B premium amount in 2023 is $164.90/ per month and the standard deductible is $226 annual.
Cost for Services (Co-insurance): You’ll usually pay 20% of the cost for each Medicare- covered service or item after you’ve paid your deductible.
Most people pay the standard Part B premium amount. If your modified adjusted gross income as reported on your IRS tax return from 2 years ago is above a certain amount, you'll pay the standard premium amount and an Income Related Monthly Adjustment Amount (IRMAA). IRMAA is an extra charge added to your premium.
Medicare beneficiaries with high incomes pay more for Part B and Part D. What exactly does “high-income” mean? The high-income brackets were introduced in 2007 for Part B and in 2011 for Part D, and for several years they started at an income of $85,000 ($170,000 for married couples).
Part C:
The Part C monthly premium varies by plan. The amount you pay for Part C deductibles, copayments, and/or coinsurance varies by plan. Contact us to compare costs for specific Part C plans.
Part D:
The Part D monthly premium varies by plan (higher-income consumers may pay more). Contact us to compare costs for specific Part D plans. The chart below shows your estimated prescription drug plan monthly premium based on your income as reported on your IRS tax return. If your income is above a certain limit, you'll pay an income-related monthly adjustment amount in addition to your plan premium.