The start of a new year is a new beginning for a lot of people. For you, it may be the start of a new Medicare plan.
Medicare's fall open enrollment period begins tomorrow and will run through Dec. 7. During this time, you have an opportunity to make changes to your Medicare coverage. This includes:
- Swapping your current Medicare Part D drug plan for another.
- Moving from one Medicare Advantage plan to another.
- Trying Medicare Advantage for the first time.
- Dumping Medicare Advantage in favor of original Medicare.
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Now you don't necessarily have to choose a new Medicare plan the minute open enrollment kicks off. In fact, it's a good idea to review your plan choices and crunch your numbers carefully to ensure that you're making the right decision.
But there are a few key moves you should try to make as soon as open enrollment begins if you haven't done so already. Here are three to put on your list.
1. Read your plan's annual change notice
Before you can begin to choose a new Medicare plan during open enrollment, you need to understand how your current plan is changing. To that end, take a close look at your plan's annual notice of change, which you should have received by now (if not, contact your plan administrator and ask how to get a copy).
That notice should contain key information on what your plan will cost and cover in 2026, and what's changing. Pay close to attention to shifts in your plan's drug coverage, as well which doctors and pharmacies are in network.
2. Make a list of your medications and dosages
A big goal in changing Medicare plans during open enrollment may be to lower your out-of-pocket costs. It can be difficult to keep up with healthcare costs as a retiree if you're on a fixed income that consists largely of Social Security. So it's important to try to keep your medication costs to a minimum.
To that end, it's a good idea to make a list of the drugs you take currently, as well as your dosage for each one. You'll need this information to make good use of Medicare's plan finder, which asks for these details.
It can also be helpful to maintain a current medication list to see if any of the pills you take are available in generic form. That, too, could reduce your costs.
3. Schedule a checkup to get a picture of your current health
Maybe you put off your annual physical with your doctor because you had a busy summer and the first weeks of fall got away from you. If you're overdue for a checkup, you may want to get one right away so that you can get a better sense of how you're doing health-wise. That information could help determine what Medicare plan you choose during open enrollment.
If your doctor recommends certain procedures in the new year, you can try comparing their costs under different Medicare Advantage plans to see which one may be most suitable for you. It's also important to make a list of the specialists you may need to see in the new year. That way, you can check different Advantage plans to see if your preferred providers are in network.
Don't wait
The sooner you get the ball rolling on open enrollment, the less stressed you might be. So it pays to make these moves as soon as open enrollment begins.
Healthcare might be one of your biggest expenses in retirement, if not the biggest. The more time you give yourself to compare Medicare plan choices, the more likely you may be to enjoy meaningful savings that help you stretch your retirement budget further.
