3 Financial Dates for Your February Calendar

3 Financial Dates for Your February Calendar
Photo by Amir Photo / Shutterstock.com

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 that are coming up in February 2020. Take a look and mark your calendar with any dates that apply to you.

All month — Medicare Advantage open enrollment period continues

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

The annual fall Medicare open enrollment period runs from Oct. 15 through Dec. 7, while the annual open enrollment period for Medicare Advantage plans runs from Jan. 1 through March 31.

Medicare Advantage, one of the two main types of Medicare, is coverage offered by private insurance companies, like HMOs and PPOs, that are approved by Medicare. (The other type, Original Medicare, is the traditional government-managed health insurance coverage.)

During this upcoming 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).

To learn more about Medicare Advantage, check out:

Feb. 15 — State sales tax holidays start

Perhaps you’ve heard of the sales tax holidays that some states offer each summer to give parents and students a chance to buy school supplies without having to pay sales tax. These are not the only type of state sales tax holiday, though.

Some states offer annual sales tax holidays for energy-efficient appliances or emergency preparedness supplies, for example. And the first two of these other sales tax holidays of 2020 are in February, according to the Federation of Tax Administrators:

  • Maryland: Shop Maryland Energy weekend is Feb. 15-17.
  • Alabama: The Severe Weather Preparedness Sales Tax Holiday is Feb. 21-23.

If you live in Maryland or Alabama, check the applicable link above to learn more about your sales tax holiday. If you live in another state, take a look at the Federation of Tax Administrator’s list of 2020 sales tax holidays and mark your calendar for any that your state will offer.

Feb. 29 — Leap day

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

While it’s not an inherently financial date, it’s a date to be aware of so you can ensure it doesn’t throw off your monthly bill-paying procedures or automatic transfers.

Would you add any dates to this list? Share in a comment below or on our Facebook page.

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