3 important financial dates in February not to be missed - ForumDaily
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3 important financial dates in February not to be missed

If you miss an important financial date or deadline, you'll be on the hook for paying a fine or missing out on a chance to save big. Edition Money Talks News collected the 3 most important financial dates in February 2020, which you definitely can’t miss.

This entire month is Medicare Advantage Open Enrollment Period.

As if the Medicare system is not complicated enough, in addition, this federal health insurance program has not one, but two annual periods of open registration.

The annual open enrollment period for Medicare runs from October 15 to December 7, and the annual open enrollment period for Medicare Advantage plans runs from January 1 to March 31.

Medicare Advantage, one of the two main types of Medicare, is insurance coverage offered by private insurance companies, such as HMOs and PPOs, that are approved by Medicare.

During this upcoming enrollment period, people with Medicare Advantage plans (with or without prescription drug coverage) will be able to do one of the following:

Switch to a different Medicare Advantage plan (with or without prescription drug coverage).

Switch from Medicare Advantage back to Original Medicare (with or without a drug plan registration).

February 15 – start of state tax holidays

You may have heard of the tax breaks some states take each summer to give parents and students the opportunity to buy school supplies without paying sales tax. However, this is not the only type of state tax break.

On the subject: How to make 2020 the most successful financial year: tips from millionaires

For example, some states provide annual tax breaks for energy-efficient appliances or emergency preparedness tools. And the first two of these other tax breaks of 2020 in February, according to the Federation of Tax Administrators:

Maryland: Tax holiday for energy efficient appliances - February 15-17.

Alabama: Emergency Preparedness Funds - February 21-23.

February 29 is leap day

This year is a leap year, so February has an extra day, February 29th. This day, called a leap day, usually occurs every four years and is added to synchronize the calendar year with an astronomical or seasonal year.

Although this is not originally a financial date, it is a date you need to be aware of so that you can make sure that it does not cancel the monthly bill payment procedure or your other procedures.

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