Medicare open enrollment

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Fall Money Moves Every Boomer Should Make Before Year-End
Yahoo Finance· 2025-10-15 12:54
Core Insights - Fall is an optimal time for baby boomers to refine their financial strategies before year-end deadlines, focusing on RMDs and charitable giving to lower taxes and enhance retirement savings [1][2] Group 1: Required Minimum Distributions (RMDs) - Boomers aged 73 or older must adhere to strict RMD deadlines, with penalties for non-compliance; reviewing distribution amounts now allows for corrections and exploration of charitable giving options [3] - Financial advisors recommend aligning withdrawals with tax strategies before year-end, as RMDs can significantly affect annual financial plans [4] Group 2: Retirement Contributions - Working boomers can utilize catch-up contributions to reduce taxable income and enhance retirement savings, with additional contributions of $7,500 for 401(k) and $1,000 for IRA available for those aged 50 and older in 2025 [5] Group 3: Charitable Giving - Charitable contributions made before December 31 can lower taxable income while supporting preferred causes; reviewing taxable accounts in the fall is advisable for strategic gifting [5][6] - Tax-loss harvesting and donating appreciated stock or making QCDs from IRAs are effective strategies to reduce taxable income while contributing to charitable causes [6] Group 4: Medicare Coverage - The Medicare open enrollment period from October 15 to December 7 provides boomers an essential opportunity to review plan changes and avoid unexpected costs in 2026 [6]
Medicare open enrollment: How to add or adjust your coverage
Yahoo Finance· 2024-10-29 16:33
Core Points - Medicare open enrollment occurs from October 15 to December 7, allowing over 66 million Americans to make changes to their coverage for the upcoming year [1][2] - This period is crucial as it is the only time beneficiaries can alter their coverage unless they qualify for a special enrollment period [2][18] Enrollment Details - During the open enrollment, beneficiaries should review materials regarding eligibility and plan changes, typically titled "Evidence of Coverage" (EOC) or "Annual Notice of Change" (ANOC) [3] - Beneficiaries can switch between traditional Medicare and Medicare Advantage plans, enroll in a Medicare Part D plan, or change their existing Part D plan [7] Medicare Plan Types - Traditional Medicare covers hospital stays (Part A) and doctor visits (Part B), with most beneficiaries not paying premiums for Part A but incurring costs for Part B and other services [4][5] - Medicare Advantage plans, offered by private insurers, bundle various Medicare parts and often include additional benefits like dental and vision coverage, but may limit provider choices [6] Future Changes - Starting in 2026, out-of-pocket costs for prescriptions under Medicare's drug plan will be capped at $2,100, with the maximum Part D deductible increasing from $590 to $615 [9] Coverage Components - Medicare consists of several parts: Part A covers inpatient care, Part B covers medically necessary services, Part C is Medicare Advantage, and Part D covers prescription drugs [10][11][12][13][14] - Standard Medicare does not cover certain services such as routine eye exams, dental care, and cosmetic surgery [15] Special Enrollment and Initial Enrollment - Special enrollment periods may apply for beneficiaries who experience specific life changes, such as moving or losing employer-sponsored coverage [18] - New Medicare enrollees have an initial enrollment period that spans three months before and after their 65th birthday [19] Government Shutdown Impact - Medicare open enrollment for 2026 will proceed as scheduled despite a federal government shutdown, with benefits and coverage remaining unaffected [20][21]