Key Points
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Medicare open enrollment runs from Oct. 15 through Dec. 7 each year.
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Current Medicare enrollees can make changes to their coverage.
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It’s important to explore your options, especially if your plan is changing.
There are certain things you may tend to associate with the fall season — football, changing leaves, and a whole lot of pumpkin. But fall is an important time of the year for retirees. That’s because it’s when Medicare’s open enrollment period kicks off.
Each year, Medicare runs an open enrollment period that starts on Oct. 15 and ends on Dec. 7. During this time, you’re able to make a number of changes to your Medicare coverage.
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You can:
- Switch from one Medicare Advantage plan to another
- Switch from one Medicare Part D drug plan to another
- Sign up for Medicare Advantage for the first time
- Move off of Medicare Advantage completely and sign up for a Part D plan with original Medicare
Here are some other things you should know about fall open enrollment.
1. It’s only for existing Medicare enrollees
If you’re new to Medicare, you might assume that open enrollment is when you sign up for coverage for the first time. But fall open enrollment is for existing Medicare participants only.
Your initial Medicare enrollment window begins three months before the month of your 65th birthday and ends three months after that month. If you’re still covered by a group health plan during that time, you may be entitled to a special Medicare enrollment period once that coverage ends.
If you miss your initial enrollment window, you can sign up for Medicare during the program’s general enrollment period. That runs from Jan. 1 through March 31 each year. But don’t confuse that with fall open enrollment.
2. It pays to explore your plan options — even if you’re pleased with your coverage
There may be issues with your current Medicare coverage. Maybe your prescriptions come with large copays, or you’re having a hard time finding in-network providers with your Medicare Advantage plan.
If you know you aren’t a big fan of your current Medicare coverage, then you’ll no doubt want to explore your options during open enrollment. But even if you happen to think your Medicare plan is great, it still pays to see what other plans are out there. There may, for example, be a Part D plan that comes with even lower copays, or an Advantage plan whose provider network is more vast.
3. It’s important to see if your plan is changing
Before you can decide whether it pays to sign up for a new Medicare plan, you need to know what’s happening with your current plan. To that end, it’s important to read your plan’s change notice, which should arrive in September, ahead of open enrollment.
You’ll specifically want to look out for changes to your:
- Out-of-pocket costs, including premiums and deductibles
- Plan’s drug formulary, which could result in higher (or lower) copays
- Provider network
- List of benefits
Reviewing your change notice carefully could help you make a smart decision during open enrollment.
Healthcare tends to be a huge expense for retirees. And it’s a cost that might eat heavily into your Social Security income and savings. For this reason, it’s important to make the most of Medicare open enrollment, even if you’re tempted to just sit it out.
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