The fact that Medicare enrollees get the option to make changes to their coverage annually is a good thing. Medicare plans can change from one year to the next, as can personal healthcare needs. So not being committed to a single plan gives enrollees the opportunity to save money on healthcare costs while helping ensure that they have access to the providers they need.
Right now, in fact, we're deep in the throes of Medicare's open enrollment period, which spans Oct. 15 to Dec. 7 every year. You might, at this point, feel like you have plenty of time to make decisions for your 2024 coverage, given that there's a month left.
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But the more time you give yourself to research your Medicare plan choices, the more likely you may be to arrive at a sound decision. With that in mind, here are some moves worth making in the next month, before open enrollment comes to an end.
1. Find out if you're able to switch to a less expensive prescription
One of the choices you'll need to make over roughly the next four weeks is whether to switch to a different Medicare Part D plan or stick with your current plan. But before you make that call, it pays to see if there's a possibility of making changes to your prescriptions.
It may be that a drug you take is now available in generic form. That could lower your costs tremendously -- and also influence your decision on what Part D plan to get.
It may also be that there's not a generic version of the medication you take, but rather, simply a lower-cost name-brand alternative. Have that conversation with your doctor sooner rather than later.
2. Find out if there are supplemental benefits that can potentially improve a health condition you have
During open enrollment, you can switch from original Medicare -- Parts A and B plus a Part D drug plan -- to Medicare Advantage. Going this route could mean reaping cost savings, as well as gaining access to the supplemental benefits that Advantage plans are known to provide.
Before you make that call, though, talk to your healthcare provider about your existing medical issues and see if they recommend specific benefits that could help with any conditions you have. For example, your doctor might recommend a Medicare Advantage plan that offers deep cleaning services at home if you have a condition that affects your breathing.
3. See what you spent on healthcare over the past 10 months overall
A big reason seniors opt to make changes to their health coverage during open enrollment is to save money on costs. Those include premiums, co-pays, and so forth.
Before you can make a decision on a new Medicare plan, assess your total healthcare spending since the start of 2023. That way, you can review your plan choices for 2024 with a potential savings target in mind.
While it might seem like you have plenty of time left to make your open enrollment decisions, Dec. 7 will be here before you know it. Run through these key items so you're able to set yourself up with the most suitable, cost-effective health coverage you can get under Medicare.
