Key Points
By mid-October, a lot of people are busy basking in the glory of fall and trying to scoop up all of the pumpkin spice they can. But if you’re on Medicare, mid-October marks a big milestone.
Medicare’s open enrollment period runs from Oct. 15 through Dec. 7 every year. During this time, current Medicare enrollees can make changes to their coverage.
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That could mean:
- Swapping one Medicare Part D plan for another
- Moving off a Medicare Advantage plan and finding a new one
- Enrolling in Medicare Advantage instead of original Medicare
- Dropping Medicare Advantage and moving onto original Medicare
You may be reasonably happy with your Medicare coverage to date. But here’s why sitting out open enrollment could cost you.
You might have better healthcare options
Healthcare may be one of your biggest expenses in retirement. And participating in Medicare open enrollment could help you lower it.
You might think you have an affordable Medicare plan already. But what if there’s another plan offering the same drug coverage or supplemental benefits as your current plan, only at a lower premium cost or copay?
Similarly, you might think your Medicare Advantage plan offers great benefits. But you may find that another plan offers even more benefits at the same cost.
Plus, while you might consider your Medicare plan affordable now, your costs could go up. By the time fall open enrollment begins, you should receive a notice of change from your plan administrator. And it may reveal that your costs are rising.
Even if that’s not the case, if you have Medicare Advantage, you may find that the in-network providers you use now won’t be in-network come 2027. If you care about continuing to see those providers, then it pays to try to find a plan that allows you to do that.
A little research could go a long way
You might groan at the idea of having to go through the process of finding a Medicare plan once again. But don’t consider open enrollment a chore. Instead, look at it as an opportunity to lower your healthcare costs, find superior coverage, or, at the very least, retain access to the healthcare providers you know and trust.
A scenic hike, an afternoon of football, or a baking session might sound infinitely more appealing than a day of exploring Medicare plans. But if you put in the time, a little research might make your life a lot easier in the new year.
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