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3 Financial Dates and Deadlines in March 2022

Life moves quickly. It’s easy to get distracted. But that can be costly.

Miss an important financial date or deadline, and you could be on the hook for a penalty or lose out on a limited-time opportunity to save money.

Enter our “Money Calendar” series.

In this edition, we’ve rounded up the noteworthy money dates in March 2022. Take a look and mark your calendar with any dates that apply to you.

March 13 — Daylight Saving Time starts

While it’s not an inherently financial event, we wanted to remind you that clocks are to “spring forward” at 2 a.m. local time on Sunday, March 13.

Don’t forget to set your clocks ahead one hour, so you’re not late for work or appointments the next day.

FOMC meeting — March 15-16

The Federal Reserve’s Federal Open Market Committee (FOMC) generally meets eight times a year, and we have never included those meetings in our Money Calendar series. But the FOMC’s next meeting is a little different.

Experts widely believe the FOMC will vote on March 16 to raise its benchmark federal funds rate, which can affect everything from your savings account yield to your credit card interest.

In other words, the outcome of the next FOMC meeting is a near certainty. And knowing that in advance means you can prepare for that presumed rate hike. To get started, check out “8 Ways Higher Interest Rates Could Affect You This Year.”

March 31 — Medicare Advantage open enrollment period ends

As if Medicare isn’t complicated enough, this federal health insurance program for folks age 65 and older and folks with certain disabilities or conditions has not one but two annual open enrollment periods.

The main open enrollment period runs from Oct. 15 through Dec. 7, while the Medicare Advantage open enrollment period runs from Jan. 1 to March 31.

Medicare Advantage plans, one of the two main types of Medicare, are offered by private insurance companies that are approved by the federal Medicare program. (The other type of Medicare, Original Medicare, is the traditional government-managed health care coverage.)

During the current enrollment period, folks with Medicare Advantage plans (with or without prescription drug coverage) have the option to do one of the following:

  • Switch to a different Medicare Advantage plan (with or without drug coverage).
  • Switch from Medicare Advantage back to Original Medicare (with or without also enrolling in a drug plan).

If you make any changes to your plan during this open enrollment period, they will take effect on the first day of the month after your plan receives your request.

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