3 Things Retirees Should Know About Medicare Open Enrollment Before You Start

Health care is a major expense for retirees, including those in excellent health. That’s why it’s important to make the most of Medicare Open Enrollment, which is just over a week away.

Each year, Medicare has an open enrollment period between October 15th and December 7th. And here are some things you should know about open enrollment before you get started.

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1. Now is not the time to enroll in Medicare for the first time

Eligibility for Medicare begins at age 65. But if you’re 65 and haven’t signed up for Medicare yet, then fall open enrollment isn’t for you. Rather, it is only for existing participants.

Your first opportunity to sign up for Medicare begins three months before the month you turn 65 and ends three months after that month. If you missed the original seven-month Medicare enrollment window, you can sign up for coverage during the program’s general enrollment window. This takes place from January 1 to March 31 each year.

However, you may also be eligible for a special enrollment period for various reasons. If so, you may not have to wait until January to sign up for Medicare. But in this case, fall enrollment does not apply to you.

2. The changes you make could save you a lot of money

You can make a number of changes to your Medicare coverage during open enrollment. You can:

• Switch from one Medicare Advantage plan to another
• Enroll in Medicare Advantage for the first time
• Get out of Medicare Advantage and replace it with Original Medicare
• Change Part D drug plans

These moves could lead to savings on drug premiums and co-pays. And in some cases, they can save you money by making your plan pay for benefits you’re used to paying out of pocket.

For example, Original Medicare will not pay for dental care or vision services. Switching to a cost-effective Medicare Advantage plan that covers these things could result in savings.

Similarly, there may be a Part D drug plan that places your prescriptions in a lower-cost tier, resulting in cheaper co-pays. And that could lead to big savings.

3. It’s important to review your options, even if you’re happy with your current plan

If you’re not satisfied with your current Medicare coverage, you may be eager to get into a new plan. But even if you’re happy with the coverage you have today, it’s still worth reviewing your plan options come October.

Your Medicare Advantage plan may be affordable and offer benefits that will save you money. But what if there’s a comparably priced Advantage plan that gives you everything you have now, just with added benefits beyond what your current plan offers? Why wouldn’t you want extended coverage for the same price?

Also, your health care needs may have changed since you started your current Medicare plan. If you’re on a certain Part D plan because it originally made one of your pills cheaper, but you recently got off that pill, then there may be a less expensive Part D plan to switch to.

The nice thing about Medicare’s open enrollment period is that it lasts a good number of weeks. But don’t wait too long to explore your coverage options. While you have until December to do your research, your best bet is to pop the balloon in mid-October once open enrollment begins. This gives you extra time to answer questions you have about your plan choices and make a decision for 2025 without feeling too rushed.