Medicare Open Enrollment happens right before the busy holiday season–from October 15th to December 7th. Since this time of year can get hectic, it’s a good idea to review your options now so you’re not scrambling at the last minute.
Why Open Enrollment Matters
Open enrollment is the time you get to choose what plan will work best for you for the upcoming year. There are different plans every year, so even if you are happy with your current plan you should still make sure there isn’t an even better plan available. Comparing plans can help you save money and ensure the plan will fit your lifestyle.
Medicare 101: The Basics
Medicare is a federal health insurance program for:
- People 65 years old and older
- Some individuals under 65 with disabilities or qualifying conditions
Medicare is made up of four main parts:
- Part A - Hospital Insurance
- Inpatient hospital care
- Skilled nursing facility care
- Hospice care
- Home health services
- Part B - Medical Insurance
- Doctor/Health care providers services
- Outpatient care
- Home health care
- Durable medical equipment (wheelchairs, hospital beds, etc.)
- Many preventative services (screenings, shots/vaccines, and wellness visits)
- Part C - Medicare Advantage
- Hospital and medical insurance
- Most include prescription drug coverage as well
- May include other coverage like vision and hearing
- Part D - Prescription Drug Coverage
- Not a part of the Original Medicare
- Operated by private companies in accordance with Medicare regulations.
- Helps with the cost of prescription drugs
Covers:
Covers:
Medicare Advantage is a Medicare-approved plan from private companies that offers an alternative to Original Medicare (Parts A and B).
Medicare Advantage plans cover:
Covers:
What to Consider Before Choosing a Plan
Use this checklist to make sure you're choosing the right plan for your needs:
- Evaluate Your Current Coverage and Health Needs
Review your Annual Notice of Change
Consider how your health needs may have changed in the past year
Make sure your current doctors, specialists, prescriptions, and preferred pharmacy are still covered
Check that your local hospital is included in the network
- Compare Costs Between Multiple Plans
Premiums
Deductibles
Copayments/coinsurance
Out-of-pocket maximums
Price of your Medications
Tips to Maximize Your Medicare Benefits
- Use Comparison Tools: Visit Medicare.gov to compare plans side-by-side
- Ask Questions: Medicare can be confusing, so don’t hesitate to reach out to the State Health Insurance Assistance Program for guidance.
- Start Early: Don’t wait until the December 7th deadline to make your decision. Starting early gives you time to compare options, confirm your doctors and prescriptions are still covered, and avoid last-minute stress.
Take time now to explore your options and find the plan that fits your needs for the year ahead. A little planning now can lead to better coverage—and potential savings—later.
