How to Prepare for Medicare Open Enrollment

To be fully prepared for Medicare’s open enrollment, you must be familiar with a few different areas.

You need to have a solid understanding of the basics of Medicare and how it works. You’ll also need to know the exact dates of the open enrollment period and when you can make what changes to your coverage.

Lastly, you will need to understand the different options that you have and how they work to provide you with the coverage that you need.

If this is your first open enrollment since enrolling in Medicare, then it is important for you to understand the basics of how Medicare works.

The best way to begin is by familiarizing yourself with the options that you will have to choose from during open enrollment.

Original Medicare is provided by the federal government and is made up of Parts A and B. Medicare Advantage is provided by private insurance companies and includes everything covered in Original Medicare, with some plans often including additional benefits or coverage.

You can also consider buying a standalone Part D prescription drug plan or switching to a different plan if you already have one.

Having a sense of your options and how they work together can help you prepare to make the most of open enrollment.

You should also familiarize yourself with the costs of your current plan and Original Medicare so that you have a baseline of which options make sense for you.

In order to make changes to your Medicare coverage and find the right plan, you will need to understand when you are eligible to do so.

According to the U.S. Centers for Medicare and Medicaid Services, the open enrollment period begins on Oct. 15 and lasts through Dec. 7. You can make changes during this period that include switching from Original Medicare to Medicare Advantage or vice versa, as well as purchasing or switching Part D coverage.

Any coverage changes that you opt to make will take effect at the start of the new year.

If you already have Medicare Advantage, then you have an additional window to make changes after the open enrollment period ends. The Medicare Advantage open enrollment period lasts from Jan. 1 to March 31 and gives you the chance to switch between Medicare Advantage plans or switch back to Original Medicare.

That period is only open to beneficiaries already enrolled in a Medicare Advantage plan.

Even if you are happy with your existing Original Medicare coverage, it may make sense to use open enrollment to at least research the options available to you in case there is a better plan.

If you are happy with Original Medicare but also need drug coverage, then you can look into adding a Part D plan. These private plans can be purchased as standalone options and will cover prescription drugs.

Outside of open enrollment, another option if you are struggling with cost of care and need supplemental insurance is Medigap. However, Medigap policies come with their own open enrollment period, and it may be difficult to get a plan outside of that window since you can be denied if you don’t enroll when first eligible.

Your Medigap open enrollment period starts the first month that you have Part B and are 65 or older and lasts for six months.

Once you are informed and ready to compare your plan options, there are several different categories to look at.

Comparing cost – from premiums and deductibles to how different services are covered – is key. When comparing Medicare Advantage plans, you should also look at differences in coverage and what benefits are included.

For example, many Medicare Advantage plans include prescription drug coverage. Medicare Advantage plans are offered regionally, so it can be helpful to look at the options available in your area to compare to your current coverage.

You should also be aware of any specific issues or health needs you have when comparing plans. You may find that there is a private plan with coverage that caters to your specific issue, or you may find it makes the most financial sense to stick with Original Medicare.