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4 Your Money is brought to you by NelsonCorp Wealth Management.
Brandy Auterson-Hurst:
It’s now time for 4 Your Money. We’re joined by Nate Kreinbrink, financial advisor at NelsonCorp Wealth Management. Welcome back Nate.
Nate Kreinbrink:
Thanks again.
Brandy Auterson-Hurst:
So with Medicare season right around the corner, what should viewers know for this year?
Nate Kreinbrink:
So for those individuals that it applies for the Medicare open enrollment period starts October 15th and runs through December 7th. So for those individuals that already have plans that maybe want to look at something different, you can do it during this time period and have it go into effect January 1st. Now, the plan options for 2024 actually were released October 1st, and you can find those on the medicare.gov website and more specifically, their plan finder tool to look a little bit more into the details. Major changes looking at it for this upcoming year, the one thing that seems to remain focused on is drug pricing. For those individuals that already had a drug plan, there really doesn’t look to be any major changes to their premiums for 2024.
Brandy Auterson-Hurst:
All right. So what do you think is the most important thing to know as consumers weigh their options?
Nate Kreinbrink:
Well, when you look for Medicare coverage, I think it’s important for individuals to know that they have options. Now, there’s two main ways for you to get Medicare coverage. The first one is through original Medicare. So you have Part A, Part B, that your hospital stays, your doctor visits, possibly adding a drug plan, and then possibly adding a supplement to cover any gaps in your coverage there.
The other way is a Medicare Advantage, and those are through private insurance companies. Now you have your Part A, your Part B with those and possibly a drug plan, the major difference with those is how you get your care. With original Medicare, you can see anybody that takes Medicare. Medicare Advantages rely on a series of networks, so you want to make sure that your provider is covered. If you have any questions on any of that, look at medicare.gov or seek your trusted professional.