Medicare Open Enrollment is just a month away. Here are 3 things all retirees should know about it

It’s a big misconception that once you enroll in Medicare, you can expect your health care expenses to go down. For many people, the opposite happens.

This is not just because of the many expenses that Medicare subscribers are subjected to. Also, health problems tend to occur with age. This combination could put a huge strain on your retirement savings.

For this reason, it is important to manage your Medicare benefits wisely. A big part of that means taking advantage of the program’s annual open enrollment period.

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Medicare’s open enrollment period runs from October 15 to December 7 each year. Here are some things all retirees need to know about it.

1. You cannot enroll in Medicare for the first time during open enrollment

If you are retired and old enough to sign up for Medicare, you may plan to do so during fall open enrollment. But you should know that open enrollment is only for existing Medicare participants.

Your initial Medicare enrollment window is seven months, starting three months before the month you turn 65 and ending three months after that month. If you missed this initial window and don’t qualify for a special enrollment period, then you may have to wait until the general Medicare enrollment period to sign up for coverage. This takes place between January 1st and March 31st every year.

2. You should review your plan choices even if you’re happy with your coverage

Many people are excited about Medicare open enrollment because they are frustrated with their Part D or Medicare Advantage plan and can’t wait to switch. But even if you have no complaints about your current plan, it’s still worth reviewing your options in October.

You may be able to afford your Part D plan premiums and copayments. But what if there is a cheaper option? Why wouldn’t you want to save a little money? Additionally, if your healthcare needs have changed at all during the year, then it’s especially wise to review your plan choices to see if there’s a better fit.

3. You should consider changing Medicare Advantage plans if you are not using the extra benefits

A big reason why a large number of seniors opt for Medicare Advantage over Original Medicare is that these plans typically offer additional benefits on top of what Original Medicare covers. Original Medicare won’t pay for dental care, eye exams or hearing aids, for example. But it’s common for Medicare Advantage plans to pick up the tab for these services.

Some Medicare Advantage plans also go beyond dental, vision and hearing services, offering benefits that include fitness club memberships and meal delivery services. But if you’re paying for a Medicare Advantage plan with lots of benefits, it’s important to make sure you’re getting your money’s worth. If you’re not using your plan’s extra benefits, then it might be cost-effective to make a switch.

You may find that another Medicare Advantage plan offers the additional basic benefits you need at a lower cost. Or, if you need specialized benefits, your current plan may not offer them, but another plan does.

Some seniors opt out of Medicare’s open enrollment period because they find the process of reviewing plan options overwhelming. If you feel the same way, start early. Start doing your research in mid-October so you have plenty of time to compare different options. Making this effort could lead to big health care savings in 2025.