Medicare Open Enrollment Is Coming: What to Review Before October 15

Medicare Open Enrollment runs from October 15 to December 7, giving you the opportunity to switch plans and ensure your coverage still meets your needs. However, many people autopilot through this period without reviewing their coverage, potentially leading to overpayment or inadequate insurance. This year, take the time to assess your Medicare plan and make any necessary changes.

What Open Enrollment Lets You Do

During Open Enrollment, you can switch from Original Medicare to a Medicare Advantage (MA) plan or vice versa. You can also change your MA plan or Part D prescription drug plan. This is the time to reevaluate your coverage and make changes to ensure you have the best plan for your healthcare needs. However, Open Enrollment does not allow you to change your Medigap or Medicare Supplement plan without medical underwriting in most states, so it's essential to review your options carefully.

Read Your Annual Notice of Change (ANOC) First

Your Annual Notice of Change (ANOC) will arrive by September 30, outlining any changes to your current plan. This document is crucial in understanding what's changing with your coverage, including premium changes, deductible changes, formulary changes, and network changes. Many people toss their ANOC without reviewing it, which can be a costly mistake. Take the time to read through the document and understand how the changes will affect your coverage.

Five Things to Check Before Switching

Before switching plans, consider the following factors: * Your current doctors: Are they still in-network with your new plan? * Your prescriptions: Are they still covered at the same tier, or have they been moved to a higher or lower tier? * Your total out-of-pocket: Look beyond the premium and consider deductible, copays, and coinsurance. * The star rating of your plan: A higher star rating indicates better quality and performance. * Any new extra benefits: Some plans offer additional benefits like dental, vision, or transportation services.

How to Compare Plans

The best way to compare plans is by using the Medicare Plan Finder tool on medicare.gov. Enter your exact medications and dosages to get an accurate estimate of your costs. Filter your results by zip code to find plans available in your area. Look at the estimated total annual cost, not just the premium, to get a comprehensive understanding of your expenses. If you need help, call 1-800-MEDICARE or contact your State Health Insurance Assistance Program (SHIP) counselor for free guidance.

When NOT to Switch

If your current plan is working for you and the costs are similar, it may not be necessary to switch. Switching plans can have real risks, such as new deductibles, new networks, and new formularies mid-year. Weigh the potential benefits against the potential risks before making a decision.

The December 7 Deadline: What Happens If You Miss It

The December 7 deadline is firm, and missing it means you're locked into your current plan for 2027. Special Enrollment Periods (SEPs) are only available for qualifying life events, such as moving to a new area or losing coverage. If you miss the deadline, you may be stuck with a plan that no longer meets your needs, so it's essential to take action before December 7.

Spending just 15 minutes with the Plan Compare tool in early October can save you hundreds or even thousands of dollars in the coming year. Take the time to review your coverage and make any necessary changes to ensure you have the best plan for your healthcare needs.

Disclaimer: This article is for informational purposes only and does not constitute legal, financial, or medical advice. Always consult a qualified professional for guidance specific to your situation.