Medicare’s annual open enrollment period ended last month, but certain beneficiaries who regret their selection can get a do-over from now through mid-February. The Medicare Advantage disenrollment period runs from Jan. 1 through Feb. 14. During this time, beneficiaries in private Medicare Advantage plans can switch to Original Medicare and, if desired, select a Part D drug plan. This is the only move permitted: Those in Original Medicare can’t switch to Medicare Advantage and those already in Medicare Advantage can’t switch to a different Medicare Advantage plan. Unless those beneficiaries qualify for a special enrollment period, they will have to wait until the fall to make any changes to their coverage that will be effective at the start of 2018. The winter disenrollment period for Medicare Advantage may be easy to miss. It’s not accompanied by the same advertising blitz that characterizes the annual fall open enrollment, when the airwaves fill with commercials for Medicare Advantage and Part D drug plans. For those unhappy with their Medicare Advantage coverage, it’s an important chance to leave your plan, regardless of whether you enrolled years ago or during the recent open enrollment. (For tips on navigating Medicare in general, check out Money’s comprehensive guide.) Beneficiaries aren’t limited in the number of times they can take advantage of the Medicare Advantage disenrollment period during their lifetimes.

Health Savings Accounts are surging in popularity — and that can lead to some complications for older workers who enroll in Medicare. Health Savings Accounts (HSAs) are offered to workers enrolled in high-deductible health insurance plans. The accounts are used primarily to meet deductible costs; employers often contribute and workers can make pretax contributions up to $3,350 for individuals, and $6,750 for families; the dollars can be invested and later spent tax-free to meet healthcare expenses. But as more employees work past traditional retirement age, some sticky issues arise for HSA account holders tied to enrollment in Medicare. The key issue: HSAs can only be used alongside qualified high-deductible health insurance plans. The minimum deductible allowed for HSA-qualified accounts this year is $1,300 for individual coverage ($2,600 for family coverage). Medicare is not considered a high-deductible plan, although the Part A deductible this year is $1,288 (for Part B, it is $166). That means that if a worker – or a spouse covered on the employer’s plan – signs up for Medicare coverage, the worker must stop contributing to the HSA, although withdrawals can continue. Failing to do that can lead to a tax penalty.

For the article from the Reuters, click here.