Medicare’s open enrollment is starting soon, so I’ve invited Danielle Roberts from Boomer Benefits to join me today.
In this episode, we’re discussing what’s new with Medicare in 2024, the important dates to remember for open enrollment, when to reevaluate your health insurance options, and how to ensure you have health coverage when traveling abroad in retirement.
Press play to hear what’s new in Medicare.
Outline of This Episode
- [2:26] What’s new with Medicare this year?
- [8:44] How often do people reconsider advantage vs. supplement and drug plans?
- [15:42] Bearing risk
- [22:00] What can you expect from your Medicare when traveling abroad?
Open enrollment is coming soon
If you have been a long-time listener you’ll remember Danielle Roberts from previous episodes. She brings her Medicare expertise to the show to keep us informed of the latest changes to Medicare. Since open enrollment is coming soon, I thought it would be a good idea to chat again to see what’s new this year.
Open enrollment lasts from October 15 – December 7, but that doesn’t mean that you should wait until December 6 to contact your Medicare agent to ask about changing plans. As a matter of fact, if you are planning to make any changes to your plan contact your administrator immediately since they quickly get backed up this time of year.
There are many changes coming to Medicare plans in the year ahead, so it is important that you read all the literature that has come in the mail. Don’t ignore it! To ensure that you understand the changes to your existing plan and that you weigh your options carefully and contact your Medicare enrollment agent.
What’s new with Medicare next year?
Many people choose a Medicare plan when they turn 65 and think that they never need to revisit their decision. However, Medicare plans change each year so it is important to stay abreast of these changes. Even though insurance companies bombard you with information before and during open enrollment, it is important to pay attention to the mailers. They contain valuable information about upcoming changes that affect your plan. Make sure to check them annually to ensure that your plan still fits your needs for the upcoming year because once the open enrollment period closes you won’t be able to make any changes.
2024 will be an exciting year for Medicare beneficiaries. The Inflation Reduction Act added improvements for those on Medicare. One of the biggest changes is that there is better vaccine coverage than before since most vaccines are now covered under Medicare Part B rather than Part D.
Another upcoming change is good news for diabetics. Insulins will have a $35 copay no matter which category they fall under. In addition, there are many changes to the Part D drug plan.
It’s important to remember that Medicare is only accepted in the United States, so if you are planning to travel abroad, listen in to learn how to ensure that you have sufficient medical coverage. Press play now to hear what you need to know to travel with peace of mind.
Resources & People Mentioned
- 5 Easily Avoidable Medicare Mistakes
- What to Expect as You Approach Age 65 with Danielle Roberts, Ep # 163
Connect with Danielle Roberts
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