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The Medicare Master: What to Know about Medicare Annual Enrollment Period

By Reid Mathews

This will be my sixth annual enrollment period as an advisor offering Medicare supplements. I have taken countless exams and tests about this program, and I am very passionate about helping people understand how complex and then potentially, how simple enrolling in Medicare supplemental plans can be. I sometimes refer to myself as the Medicare Master (haha!), and I like to take my clients through a 90 second Medicare 101 class when they meet with me. There are multiple “enrollment periods” throughout the year, and we are coming up on one of the most popular periods, the Annual Enrollment Period --- October 15 through December 7.

What are some possible changes that someone on Medicare can make October 15 through December 7?

• You can switch from Original Medicare to Medicare Advantage or vice versa.

• You can also switch from one Medicare Advantage plan to another.

• You can switch from one Medicare Part D (prescription drug) plan to another.

• If you didn’t sign up for a Part D plan when you were first eligible, you can do so during this time frame, although a late enrollment penalty may apply.

Medicare Supplements (Medigap)

Medicare supplemental plans are like the F, G, N, K, etc. plans. You may switch this AT ANY TIME during the year, but you must be able to answer the health questions and pass underwriting. Any doctor in the country that accepts Medicare services MUST accept your Medigap policy. These plans are more expensive, but they offer much more comprehensive coverage. As of 2020, the F plan will no longer be offered to people joining Medicare. If you already have the F plan, you will be grandfathered in.

Medicare Advantage (PPO, HMO, SNP, PFFS, MSA)

Generally speaking, Medicare Advantage plans have a lower premium than Medigap. Also, if you choose a PPO, you can go to any doctor that receives Medicare! The downside to having a Medicare Advantage plan would be that your out-of- pocket expenses would be much higher than with Medigap if you use it frequently. If your health changes dramatically while on a Medicare Advantage plan, you will NOT be able to switch back to a Medigap policy. We are offering multiple Medicare Advantage plans now to better serve our clients; so if you are interested in learning more about them, please call our office!

Prescription Drug Coverage (Part D)

There is no one-size-fits-all Prescription Drug card. Many of them change every year, and your specific medications will determine which card is best for you. We have taken the time to get licensed with multiple drug card companies so we can offer you the best rates and the best coverage tailored to your specific needs. Choosing the right plan could save you and your family thousands of dollars.

Health insurance is a big deal which is why becoming eligible for Medicare can be such a daunting task for many people. At Berry Financial Group, it is our goal to give you peace of mind with every aspect of your financial plan. Our average client is 64.7 years of age so Medicare planning is a very important part of our practice. If you or someone you know has questions about enrolling in Medicare, choosing a Medigap or Advantage plan, or needs help with a Part D prescription drug plan, call our office today. We would love to help you with all of your financial needs including health insurance.


We are coming into the Annual Enrollment Period for Medicare Advantage and Medicare Prescription Drug coverage plans soon! Those dates are October 15th thru December 7th. This year there are some important details to know about how COVID-19 has changed Medicare and the cost of health care.

Join us for a LIVE WEBINAR on the changes in Medicare on:

Thursday, October 22nd at 6:00 PM

We will answer these questions:

1. Who qualifies for Medicare, and when should you enroll?

2. Will you be penalized for not enrolling at the right time?

3. What changes can you make during the annual enrollment period?

4. Will you pay more for Part B & Part D if your income is too high?

5. What exactly does Medicare cover?

6. Are Medigap Supplement Plans or Medicare Advantage Plans better?

7. How do the prescription drug cards work?


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Myrtle Beach, SC 29577


PHONE: 1.888.774.6181

FAX: 1.843.774.6191

NCDOI Divisions, Services for Consumers, Company License Status: Berry Financial Group

Agent License Status: Richard Berry

Agency Code: 142256
Individual: 154176

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Investment advisory and financial planning services are offered through Alphastar Capital Management LLC (“Alphastar”), a SEC registered investment adviser. Berry Financial Group and Alphastar Capital Management, LLC are separate and independent entities. The firm only transacts business in states where it is properly registered or is excluded or exempted from registration requirements. Berry Financial Group offers insurance products through individuals licensed to sell insurance. Comments regarding guaranteed returns or income streams refer only to fixed insurance products offered by Berry Financial Group and, unless specifically stated, do not refer in any way to securities or investment advisory products offered by Alphastar. Fixed insurance and annuity product guarantees are subject to the claims paying ability of the issuing company and are not offered or guaranteed by Alphastar.

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