What changes can I make during Open Enrollment?

During Medicare's Annual Enrollment Period (AEP), which runs from October 15 to December 7, you can switch from Original Medicare to a Medicare Supplement or a Medicare Advantage plan, change from one Advantage plan to another, or modify your Part D prescription coverage. It's a limited-time opportunity to adjust your coverage based on your evolving healthcare needs and financial situation.

When can I learn about next year’s plans?

Plan details for the upcoming year are made available on October 1st. You can start exploring options by calling 1-800-MEDICARE or visiting Medicare.gov. Getting informed early allows you to make the most suitable choice for your health and financial well-being.

What if I miss the Open Enrollment deadline?

If you miss the deadline, you'll generally need to wait until the next year’s window to make changes unless you qualify for a Special Enrollment Period due to a major life event. Missing out can mean sticking with a less-than-ideal plan for another year, so it's crucial to act promptly.

What’s the difference between Original Medicare and Medicare Advantage?

Original Medicare is managed by the government and usually pairs with separate drug coverage and optional Medigap. Meanwhile, Medicare Advantage plans, offered by private insurers, often bundle medical and drug benefits, sometimes including extras like dental or vision care. Understanding these differences helps you choose the option that best fits your lifestyle and healthcare needs.

Do I need to do anything if I’m happy with my current plan?

Even if you're content with your current plan, it’s wise to review your coverage annually. Premiums, provider networks, and drug formularies change each year, potentially affecting your satisfaction with the plan. A quick review could uncover cost savings or improved coverage options.

By understanding Medicare’s Annual Enrollment Period, you equip yourself to make informed healthcare decisions. Start your research early, use trustworthy resources like Medicare.gov, and consult a professional if needed. Even a small review of your plan can lead to significant savings or enhanced coverage in the year ahead.