Medicare begins the month you turn 65, or after being on disability for 2 years. Some people who are working can delay Medicare. If you are turning 65, Medicare becomes effective the first day of your birth month; if you turn 65 on the 1st of the month, it starts the month prior. If you are collecting Social Security, you will be automatically enrolled. If not, you have 7 months to apply: 3 months before your birthday, your birthday month or the 3 months following. 

Annually, 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 began on October 15 and runs through December 7 — is your opportunity to switch your current Medicare health and prescription drug plans to ones that better suit your needs.

During Medicare Open Enrollment, you can:

• Switch from Original Medicare to a Medicare Advantage Plan
• Switch from a Medicare Advantage Plan to Original Medicare
• Change from one Medicare Advantage Plan to a different Medicare Advantage Plan
• Change from a Medicare Advantage Plan that offers prescription drug coverage to a Medicare Advantage Plan that doesn't offer prescription drug coverage
• Switch from a Medicare Advantage Plan that doesn't offer prescription drug coverage to a Medicare Advantage Plan that does offer prescription drug coverage
• Join a Medicare prescription drug plan (Part D)
• Switch from one Part D plan to another Part D plan
• Drop your Part D coverage altogether

Any changes made during Open Enrollment are effective as of January 1, 2023.

Review plan options

Now is a good time to review your current Medicare benefits to see if they're still right for you. Are you satisfied with the coverage and level of care you're receiving with your current plan? Are your premium costs or out-of- pocket expenses too high? Has your health changed? Do you anticipate needing medical care or treatment, or new or pricier prescription drugs?

If your current plan doesn't meet your health-care needs or fit your budget, you can switch to a new plan. If you find that you're satisfied with your current Medicare plan and it's still being offered, you don't have to do anything. The coverage you have will continue.

Information on costs and benefits

On September 27, 2022, the Centers for Medicare & Medicaid Services (CMS) released the 2023 premiums, deductibles, and coinsurance amounts for the Medicare Part A and Part B programs, and the 2023 Medicare Part D income-related monthly adjustment amounts.

You can find more information on Medicare benefits in the Medicare & You 2023 Handbook on medicare.gov.

While Medicare can be complicated, it is important to have a comprehensive understanding of the options available to you. Our team at CNB Wealth Management is here to meet with you and answer any questions you may have so that you can make informed decisions about your Medicare coverage.

©2022 Broadridge Investor Communication Solutions, Inc. All rights reserved. This material provided by Denise Kelly-Dohse.