Oct 15, 2024 Health Insurance Open Enrollment Season Begins
It’s the time of the year to review your health insurance coverage for 2025. No matter where you get your insurance – Medicare, the marketplace, or a group plan, you will likely have some decisions to make.
MEDICARE Open Enrollment for 2025 Begins October 15th
Medicare beneficiaries can make new choices and pick plans that work best for them during the annual Medicare Open Enrollment Period. Each year, Medicare plan costs and coverage typically change. In addition, your health-care needs may have changed over the past year. The Open Enrollment Period — which begins on October 15th and runs through December 7th — is your opportunity to switch your current Medicare health and prescription drug plans to ones that better suit your needs.
During this period, you can:
- Switch from Original Medicare to a Medicare Advantage Plan**
- Switch from a Medicare Advantage Plan to Original Medicare**
- Switch between different Medicare Advantage Plans.
- Join a Medicare prescription drug plan (Part D), Switch a Part D plan or Drop your Part D plan.***
** Note: If you are switching to a Medicare Advantage plan from Original Medicare, you do not need to prove insurability. However, if you switch back to a Medigap (Medicare Supplement) plan later, you may be subject to medical underwriting unless you qualify for a special circumstance.
***If a participant doesn’t enroll in part D when they first become eligible and has no other creditable prescription drug coverage, they might face a penalty for late enrolment later.
You can compare plans online at: https://www.medicare.gov/plan-compare or we can refer you to a Medicare specialist to help you find the right plan.
Any changes made during Open Enrollment are effective as of January 1, 2025.
MARKETPLACE Open Enrollment for 2025 Begins November 1st
If you purchase your health insurance through the healthcare.gov marketplace, you can apply for coverage and make changes starting November 1st. You have to enroll by December 15th for your changes or plan to take effect on January 1st, 2025. If you miss the first deadline, you have until January 15th for open enrollment to end completely, but your plan will be effective starting February 1st. This means coverage won’t start until February 1st, even though you can still enroll until January 15th.
After that, you must qualify for a special enrollment period (e.g., major life changes like marriage, loss of coverage, etc.) to sign up for coverage.
GROUP Open Enrollment
Depending on your employer, you may have open enrollment for multiple benefits, including health insurance, life insurance, disability, HSA Plans, etc. If there are multiple health insurance plans offered, you can choose a new plan and add or remove dependents.
It’s also a good idea to check with your providers – Doctors, Dentists, etc.- to make sure they will still accept your current or anticipated insurance coverage. You also want to check your doctor’s network and Prescription/Drug plan for any changes.
Group plans are often an easy way to get some low-cost coverage without underwriting, depending on the coverage level. If you can add life insurance, disability, or other types of coverage and aren’t sure if you need it, please contact your advisor for guidance.
Company News
Market Commentary
Retirement Planning
Tax Planning
Cyber Security
Important Disclosures
Leonard Rickey Investment Advisors, PLLC (“LRIA”), is an SEC registered investment adviser located in the State of Washington. Registration does not imply a certain level of skill or training. For information pertaining to the registration status of LRIA, please contact LRIA or refer to the Investment Adviser Public Disclosure website (www.adviserinfo.sec.gov).
This is provided for general information only and contains information that is not suitable for everyone. As such, nothing herein should be construed as the provision of specific investment advice or recommendations for any individual. To determine which investments may be appropriate for you, consult your financial advisor prior to investing. There is no guarantee that the views and opinions expressed herein will come to pass. This newsletter contains information derived from third party sources. Although we believe these third-party sources to be reliable, we make no representations as to the accuracy or completeness of any information prepared by any unaffiliated third party incorporated herein and take no responsibility therefore.
Any projections, forecasts and estimates, including without limitation any statement using “expect” or “believe” or any variation of either term or a similar term, contained here are forward-looking statements and are based upon certain current assumptions, beliefs and expectations that LRIA considers reasonable or that the applicable third parties have identified as such. Forward-looking statements are necessarily speculative in nature, and it can be expected that some or all of the assumptions or beliefs underlying the forward-looking statements will not materialize or will vary significantly from actual results or outcomes. Some important factors that could cause actual results or outcomes to differ materially from those in any forward-looking statements include, among others, changes in interest rates and general economic conditions in the U.S. and globally, changes in the liquidity available in the market, change and volatility in the value of the U.S. dollar, market volatility and distressed credit markets, and other market, financial or legal uncertainties. Consequently, the inclusion of forward-looking statements herein should not be regarded as a representation by LRIA or any other person or entity of the outcomes or results that will be achieved by following any recommendations contained herein. While the forward-looking statements here reflect estimates, expectations and beliefs, they are not guarantees of future performance or outcomes. LRIA has no obligation to update or otherwise revise any forward-looking statements, including any revisions to reflect changes in economic conditions or other circumstances arising after the date hereof or to reflect the occurrence of events (whether anticipated or unanticipated), even if the underlying assumptions do not come to fruition. Opinions expressed herein are subject to change without notice and do not necessarily take into account the particular investment objectives, financial situations, or particular needs of all investors.
For additional information about LRIA, including fees and services, please contact us for our Form ADV disclosure brochure using our contact information herein. Please read the disclosure brochure carefully before you invest or send money.
2024 4th Quarter Investment Commentary