A Medicare Rundown for the Year Ahead

It’s that time of year again. Medicare open enrollment is fast approaching for individuals who are ages 65 and over, and we realize that it can be an intimidating process to both understand and complete. So, with that in mind, our team wanted to share a rundown of the essential things to know regarding Medicare enrollment and changes that might impact your Medicare Advantage plan and prescription drug coverage.

What to Know About Medicare Open Enrollment This Year

Annual open enrollment for Medicare begins in mid-October and runs through early December. Financial advisors recommend that beneficiaries thoroughly review and choose the plan that best fits their unique needs. This open enrollment period is the time when individuals can change their Medicare health plans and prescription drug coverage for the year ahead.

Especially due to the COVID-19 pandemic, changes in health conditions make it necessary to revisit health plans during Medicare’s open enrollment period. COVID-19’s effects could even trickle down to physicians no longer being available under your current plan, not to mention plan costs and specific medication reimbursements.

Additional Medicare Options to Consider Next Year

As you’re deciding which Medicare plan is right for youoriginal Medicare or Medicare Advantage—you might consider additional options that include Medicare Supplement Insurance (Medigap) or a Medicare Medical Savings Account (MSA).

  • Medigap—Most individuals are served well by a Medigap plan that coordinates with their Medicare coverage. If they happen to contract COVID-19 or other health problems and do not have Medigap, they will encounter Medicare cost-sharing. Having a Medigap policy can help pay a portion of remaining costs like co-payments, coinsurance, or deductibles.
  • Medical Savings Account—An MSA combines a high-deductible insurance plan with a medical savings account to help pay for your healthcare costs. This is a great option for individuals who are not able to purchase a Medigap plan.

Are You Prepared for the New Year?

Since all changes to your Medicare plan will take effect on January 1st of the next year, it’s important to make sure you are prepared. Our advisors are here to help guide you along your Medicare enrollment journey. Contact us today to schedule a consultation if you’d like to discuss further.

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Jeffrey T. Dobyns

CFP®, CLU, CHFC

President, SageSpring 

Jeffrey T. Dobyns

President, SageSpring 

Beyond crunching numbers and investment strategies, at SageSpring, we’re about building relationships. When you encounter Founder & President of SageSpring, Jeff Dobyns, it’s easy to understand why this is at the very heart of who we are as a firm. You won’t find stuffy formalities with Jeff; instead, you can expect to find him sharing a warm smile, communicating a compelling vision, or patiently untangling life’s complex challenges with clients. He believes in truly getting to know clients, understanding their aspirations and priorities, and navigating their financial plans with a tailored, comprehensive approach. Our team members have often been caught taking notes on Jeff’s effortless relationship skills from a distance, and we admire them for striving to learn from one of the best. 

Jeff’s financial expertise and wisdom are the perfect match to his innate people skills. Jeff holds the prestigious CERTIFIED FINANCIAL PLANNERTM certification, Chartered Life Underwriter (CLU®), and Chartered Financial Consultant (ChLU®) designations, and has held executive positions with financial planning firms for more than two decades. 

His dedication extends beyond the office to the boardroom and the local community, where Jeff is passionate about giving back. He serves as Chairman of the Board of Men of Valor, a prison ministry and mentoring program. Jeff also serves on the board of Send Musicians to Prison, which shares hope, healing and restoration with the imprisoned through musicians & artists. Jeff actively supports other initiatives in the community by sitting on the board of The Signatry of Middle Tennessee and the Halftime Institute of Nashville. 

Witnessing his four children, Gracyn, Hunter, Tanner, and Logan, excel on the field is almost just as rewarding, if not more, than celebrating the victories of seeing his clients overcome obstacles and build wealth. Spending weekends boating on the lake, hiking mountain trails, and fishing with his family are the moments Jeff cherishes most. It’s this grounded perspective that reveals the true meaning of wealth for Jeff: not just numbers on a page, but the freedom to create experiences that enrich your life and the lives of those you love. When you choose the Dobyns McMillin Wealth Team, you choose more than financial expertise. You choose a partner who champions your dreams, celebrates your victories, and walks besides you on the path to achieving your unique goals.

**Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER TM, CFP® (with plaque design) and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board’s initial and ongoing certification requirements.