Get Ready for Medicare’s Annual Open Enrollment

Each year, Medicare beneficiaries have the opportunity to review and make changes to their health and drug coverage during the annual Medicare Open Enrollment period. The window to do so is from October 15 to December 7, and any changes you make during that time will take effect on January 1 of the following year. It is the only chance most people will have during the year to switch plans or make adjustments to their current Medicare coverage.

It’s always a good idea to get an early start on reviewing options. Whether you’re considering a new Medicare Advantage Plan, reviewing your prescription drug coverage, or exploring additional benefits, preparation is key to making informed decisions. And that sometimes takes more than a little time.

What Is Medicare Open Enrollment?

Medicare Open Enrollment, also known as the Annual Election Period (AEP), is a designated time when Medicare recipients can:

• Switch from Original Medicare (Parts A and B) to a Medicare Advantage Plan (Part C)
• Switch from a Medicare Advantage Plan back to Original Medicare
• Change from one Medicare Advantage Plan to another
• Join, drop, or change a Medicare Prescription Drug Plan (Part D)

After this period, your ability to make changes is limited unless you are eligible for a Special Enrollment Period. This requires a qualifying life event, such as moving or losing other coverage.

Review Your Plan, Even If You Are Happy With It

Medicare plans can change from year to year. Premiums, copayments, deductibles, drug formularies (covered medications), and provider networks may all be updated. Even if you have been satisfied with your plan in the past, it might not meet your needs in the coming year.

That’s why it’s essential to carefully review the Annual Notice of Change (ANOC) that your plan sends out each fall. This document outlines all changes to your current plan for the upcoming year.

In addition, your own health situation might have changed. You may have new prescriptions, different doctors, or increased healthcare needs. Comparing your current coverage to other available options can help ensure you get the best value and the coverage that matches your needs.

Tips for a Successful Open Enrollment

• Review current coverage: Gather all recent medical bills, pharmacy records, and your current Medicare plan documents. Understand what your plan covered well—and what it didn’t.
• Check for plan changes: Look over the ANOC and check for changes in premiums, coverage, and provider networks. Make sure your preferred doctors and medications will still be covered.
• Use Medicare’s official tools: There are a variety of resources and tools designed to help make this process go more smoothly. You can find them by visiting Medicare.gov. One of the most popular is the Medicare Plan Finder, which allows you to see the options available in your area and compare costs, coverage, and ratings for different plans.
• Seek professional guidance: If you find this process tough to navigate, know that you aren’t alone. You can receive help from your State Health Insurance Assistance Program (SHIP). These services are typically free, and counselors offer unbiased advice.

One final suggestion is to set aside a few blocks of time on your calendar to explore your options. Don’t wait until the last minute. Make your changes well before the December 7 deadline to ensure there are no delays in processing your new plan.

Learn More About Your Medicare Coverage

We know the Medicare benefit can be more than a little confusing. If you are a senior who is new to the program, you are especially likely to have some questions. One resource that can help answer them is Medicare 101 for New Retirees. The article covers everything from costs to coverage.