In case you did not know October 15th Through December 7th is the annual Medicare Open Enrollment Period.
This is the time during which Medicare enrollees can re-evaluate their Medicare coverage and make changes if they want to do so.
For this reason, you may be getting phone calls, emails, and postcards from every yahoo with an Insurance License trying to get you to switch plans.
But is switching plans ever a good idea?
Here are some of the things to be aware of during this time of year.
- This is the time you can switch from Original Medicare to a Medicare Advantage Plan or Vice Versa. But you should also know that if you are in a Medicare Advantage plan now or switch to the one you can not necessarily switch back to Original Medicare if you are no longer healthy.
- This is also the time when you can join or switch your part D drug coverage. It is very important to shop your part D drug coverage every year as each plan can make changes to their drug formularies and this can affect your pricing.
- If you are on Medicare Advantage but not happy with your plan this is the time of year that you are allowed to switch to a different Medicare Advantage plan.
If you need any help with evaluating your options during this confusing time of year for many, please know that you don’t have to meet with any of the strangers that have been contacting you no matter how convincing they sound.
We at Rockford Retirement Planning, Inc are here to help you with your Medicare Supplement needs and are happy to answer any questions you may have.
Please give us a call to talk about your Medicare options today!
Disclosure: Investment Advisory Services offered through Retirement Wealth Advisors, LLC. (RWA) a Registered Investment Advisor. Rockford Retirement Planning, Inc. (RRP,Inc.) and RWA are not affiliated. Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance. Past performance does not guarantee future results. Consult your financial professional before making any investment decision.
This information is designed to provide general information on the subjects covered, it is not, however, intended to provide specific legal or tax advice and cannot be used to avoid tax penalties or to promote, market, or recommend any tax plan or arrangement. Please note that RRP,Inc. and its affiliates do not give legal or tax advice. You are encouraged to consult your tax advisor or attorney.
Annuity guarantees rely on the financial strength and claims-paying ability of the issuing insurer. Any references to protection benefits or lifetime income generally refer to fixed insurance products. They do not refer, in any way to securities or investment advisory products or services. Fixed Insurance and Annuity product guarantees are subject to the claims‐paying ability of the issuing company and are not offered by Retirement Wealth Advisors, LLC.
Social Security/Government Program Disclosure: Antonio Filippone of Rockford Retirement Planning, Inc and Retirement Wealth Advisors, LLC are not affiliated with or endorsed by the Social Security Administration or any other government agency
MDRT Disclosure: The Million Dollar Round Table is a trade association to help insurance brokers and financial advisors establish best business practices and develop ethical and effective ways to increase client interest in financial products, specifically risk-based products like life insurance, disability, and long-term care. Annual qualification requirements include demonstrating a set annual production requirement and agreeing to a code of ethics but are not based on client experience or performance. For more information regarding the Million Dollar Round Table eligibility, please see https://www.mdrt.org/membership/requirements/. Membership in no way constitutes an endorsement from Million Dollar Round table or any client.
Top of the Table:To qualify for top of the table a member must demonstrate an annual commission of six times the base requirement.