Key Points
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Consider which costs matter the most to your budget.
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Weigh the pros and cons of Original Medicare and Medicare Advantage plans.
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Compare all your plan options before deciding which is right for you.
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Medicare’s annual open enrollment period runs through Dec. 7, 2026. It’s most people’s only opportunity to change their retirement health insurance coverage for next year, so it’s worth taking some time to review your options, even if you’re happy with your existing plan.
If you’re trying to keep costs to a minimum, there are a few things in particular that are worth doing during this year’s open enrollment period.
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1. Consider which costs matter the most to you
With health insurance, you pay monthly premiums to keep your coverage in force, and then you can face deductibles and copays when you need care. They’re all important, but some people are more concerned about one or the other.
Original Medicare’s premiums and deductibles aren’t something you can change or easily avoid. But if you purchase a supplementary policy or opt for a Medicare Advantage policy instead, you might find yourself with a choice of premiums and deductibles.
If you don’t expect to have a lot of retirement healthcare expenses in 2027, you might be more comfortable choosing a plan with a higher deductible to get lower premiums. Or, if you expect high healthcare costs and want to minimize your out-of-pocket expenses, you might prefer a plan with higher premiums and a lower deductible.
2. Weigh Original Medicare vs. Medicare Advantage plans
Original Medicare has many gaps, so some people prefer a Medicare Advantage plan, which covers everything Original Medicare does, plus some extras. This also gets you a cap on annual out-of-pocket expenses and a single plan to manage, rather than Original Medicare and a Medicare Supplement plan.
However, Medicare Advantage plans typically have provider networks that you must stay within, and they can require you to get a referral to see a specialist. Decide which seems to best suit your needs, and then start comparing your options.
3. Evaluate your options
Review all your Medicare plan options for 2027 and compare them based on cost, provider networks, and coverage. Make sure any plan you choose includes coverage for the doctors and specialists you see, as well as any medications you’re currently taking or may need next year.
You have plenty of time left to do this, but don’t put it off until the final days of the open enrollment period. Reviewing all your options might take some time, and you may not want to do it all at once. Start soon so that you avoid rushing and can contract plan providers with questions if necessary.
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