Watching Your Wallet: Medicare open enrollment runs through Dec. 7

Published: Nov. 1, 2021 at 7:38 PM EDT
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LANSING, Mich. (WILX) - Open enrollment for Medicare is underway now through Dec. 7.

Medicare open enrollment lets you do a few things this time of year. You can change Part D plans, Part C plans, go from a Medicare Advantage plan to Original Medicare or vice versa.

Michael Joyce, with the financial firm Agili, says review your current Medicare coverage and note any upcoming changes to costs or benefits. In particular, he says to look at Medicare Part D, because it covers prescription drugs.

“Look at any prescriptions that you may have picked up over the past year,” Joyce said. “New prescriptions or prescriptions that dropped off and look at that and see if the coverage package that you have elected is the best for you.” Joyce also recommends you look at your income. There’s something called income related monthly adjustment or IR-MA.

“Basically, there’s premiums for Medicare Part B and Part D that you have to worry about so you could end up in a higher [tax] bracket in essence for paying Medicare premiums,” Joyce said. “If your income is too high.”

For additional help you could ask a financial advisor or try the Medicare Plan Finders on Medicare’s website. Any changes you make during this time will go into effect Jan. 1, 2022.

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