Financial Guide to Open Enrollment 2020

The Open Enrollment period is coming up and if you are near or at retirement age, you may be thinking about your options. Healthcare costs are a huge source of stress on retirees, so it’s important to know your options.

What is Open Enrollment?

Open Enrollment is the time period where you are able to review your health insurance plans and make changes as you see fit. You may want to sign up for a new health insurance provider, change your current plan, and more. These changes will begin the following year, on January 1.

What are the retiree options for health coverage?

You have options for health coverage when you retire. Your health insurance can continue through COBRA for up to 18 months after you retire. Most workers sign up for Medicare Part A or B before they retire so that they do not lose health coverage. Finally, supplemental health care insurance can come into play if you want more coverage than what is being offered.

I’m retired but don’t have health insurance

If for some reason you retired and do not have extended coverage through your previous employer, open enrollment gives you the chance to get health insurance.

My coverage is too expensive

You can reduce or cancel your coverage during non-enrollment times, but you won’t be able to get new coverage except for the open enrollment periods. Try to find ways to cut down your costs until you can enroll in a new plan.

I need more coverage than I initially anticipated

More comprehensive coverage is available during the open enrollment period. Take the time to review different plans and what they offer and be sure to sign up a

What about Medicare?

It is recommended that you should immediately enroll in Medicare Part B once you are eligible, either when you turn 65 or if you are disabled and qualify. Medicare Part B may cover your doctor’s visits, prescriptions, and more, so it will reduce your out of pocket costs.

Originally published at https://www.seniorfinanceadvisor.com.