Like it or not, it is time to decide whether to keep your existing healthcare coverage or make a change. Statistics show that only a small percentage of people switch coverage despite the many changes made to health plans each year.
If your healthcare coverage is through your employer or your spouse’s employer, it is important to know the dates to make an election for 2024 coverage. The enrollment period will also give you the opportunity to add a Flexible Spending Account or change the amount designated to that account.
If your healthcare coverage is through the New York Marketplace, enrollment begins November 1, 2023, and ends on December 15, 2023.
If you are on Medicare, the Annual Election Period runs from October 15, 2023, to December 7, 2023.
Medicare Advantage Plans
You can get Medicare benefits through original Medicare or a Medicare Advantage Plan. Medicare Advantage Plans are offered by private companies that contract with Medicare. Medicare Advantage Plan enrollment is from January 1, 2024, to March 31, 2024. During these three months, if you are already enrolled in a Medicare Advantage Plan, you can switch from your current plan to another Advantage Plan or you can switch to original Medicare.
It may be overwhelming when choosing a Medicare Advantage Plan because there are so many plans. Most people do not need to pay a high monthly premium for good health coverage. If you are currently paying more than $50 per month for healthcare premiums, take the time to determine whether this money is well spent or if there are less expensive alternatives that offer similar benefits.
We are fortunate that in the six-county Rochester marketplace, Excellus, MVP, Aetna, and United all allow subscribers to see most doctors as in-network and all hospitals are considered in-network.
Epic (Elderly Pharmaceutical Insurance Coverage) is a NYS program intended to help income-eligible seniors (age 65+) to supplement their out-of-pocket Medicare Part D drug plan costs. Enrollment for EPIC is any time of the year; however, you must be enrolled or eligible to be enrolled in a Medicare Part D drug plan to receive EPIC.
We are here for you
Healthcare plan decision making can be stressful, especially when deadlines apply. Your advisors at High Falls are here to help you navigate the options and answer any questions you may have about the deadlines and different plan types.