Open Enrollment Mistakes to Avoid

There are numerous mistakes that beneficiaries can make during open enrollment. Finding and enrolling in a plan can be a convoluted process.

It also doesn’t help that Medicare and health care itself are complex topics with many facets that everyday Americans can be confused by.

There are several common mistakes that stand out above the rest. Going into open enrollment informed of them and aware of how to avoid them can make a big difference in ensuring that you get the coverage that you need.

One common mistake among beneficiaries is not understanding whether or not they are actually eligible for open enrollment.

During this period, you can switch from Original Medicare to Medicare Advantage or vice versa while also making changes to your Part D coverage.

Simply put, open enrollment is for current Medicare beneficiaries. You cannot use open enrollment to enroll in Medicare for the first time.

That must be done during your initial enrollment or general enrollment periods.

Medicare is constantly changing. From costs and coverage to plans available where you live, there will be changes from year-to-year.

One common mistake that beneficiaries make is not realizing this and therefore not reviewing their options.

Your current plan may have been the best choice for you last year. But your options could look very different this year. According to the Kaiser Family Foundation, the average Medicare beneficiary had access to twice as many Medicare Advantage plans in 2022 as they did five years earlier.

Your options have likely changed, and it’s important to review any new offerings.

One major mistake that beneficiaries can make when selecting a plan is not fully understanding the costs associated with it.

You could be placing yourself in a bad situation if the only cost you compare when reviewing plans is the monthly premium. This rarely tells the full story and does not actually capture what you will end up paying if you do need health care.

Premiums are important, but different plans handle deductibles, copayments and coinsurance costs in different ways.

You may select a certain plan because of its very low premiums. But it may turn out that in exchange for those low premiums, you could end up having to pay a huge part of the bill for actual medical services that you need.

Reviewing all costs associated with a plan — not just the premium — can help you to avoid this mistake.

If your medical or financial circumstances have changed in the last year, then your plan may need to change as well.

Just as plans are not static, your health care needs likely are not as well. If you have developed a new health condition in the last year, you should review your options to determine if there is a plan available that better covers your new health care needs.

The same is true if your financial situation has changed. If you have less money available to spend on health care than you did last year, sticking with the same plan could be risky.

Beneficiaries should try to not make the mistake of failing to adapt their coverage to their personal situation.

A common misunderstanding of Medicare is some beneficiaries’ believe that their Medicare coverage is tied to their spouse’s.

While this is often true of employer health plans, you do not need to have the same Medicare coverage as your spouse.

This can become especially problematic for beneficiaries when it comes to Part D prescription drug plans.

You and your spouse likely need access to different medications. Getting on the same plan does not make sense since different Part D plans cover different medications.

Your spouse’s health needs should not influence which plan you sign up for.

Open enrollment lasts from Oct. 15 to Dec. 7. There is no reason for you to rush to a decision and enroll in a plan without truly weighing all of your options.

You have plenty of time to find the right plan for you. If you don’t take your time and do your research, you could end up missing out on a better option that you never even considered.