Chances are, you don't spend hours each week thinking about your Medicare coverage. Rather, you probably only think about your Medicare plan when the time comes to actually use it.
But at this stage of the year, it pays to have Medicare on the brain. Medicare's open enrollment period recently began. Between now and Dec. 7, you have an opportunity to make changes to your Medicare coverage.
Image source: Getty Images.
That could mean:
- Getting a new Part D drug plan
- Switching to a new Medicare Advantage plan
- Moving off of Medicare Advantage and onto original Medicare
If you like your current Medicare plan, you may be inclined to opt out of open enrollment and just stick with your existing coverage. But that's a decision you might regret. Here's why.
1. You might find a new plan with lower out-of-pocket costs
Healthcare tends to be a huge expense for retirees. For some seniors, in fact, it's their greatest expense.
Chances are, you're interested in conserving costs as a retiree. You may have a limited income that consists of a small nest egg and Social Security.
The reason it could be a mistake to sit out open enrollment without seeing what's out there is that there may be a less expensive Medicare plan than the one you're currently on. And that doesn't just apply to premiums.
Even if you have a $0 premium plan, there may be another plan that comes with lower deductibles, coinsurance, or copays. So it's worth digging around to see if that's the case.
Even if you have the money to cover those costs, such as a health savings account balance you carried into retirement, there's no sense in spending more than you have to on healthcare. With a new Medicare plan, you may find that your costs are lower without having to give up benefits. That's a win-win.
2. You may find a new plan with a better provider network
One drawback of Medicare Advantage plans is that they typically limit you to a somewhat narrow network of healthcare providers.
You may, at this point, be used to working within that network. But what if there's a Medicare Advantage plan out there that could give you access to even more doctors, or more qualified providers that are close to home? If you don't look around, you won't know.
3. You might get access to new supplemental benefits
It's common for Medicare Advantage plans to offer supplemental benefits beyond what original Medicare will pay for. The result? More perks for you, and more potential savings.
It pays to look at different Medicare Advantage plans to see if there are extra benefits you can qualify for that make your life easier. Some Advantage plans, for example, offer meal delivery services to enrollees with certain health conditions. A service like that might make a huge difference if you're at a point where you have trouble driving or getting around.
4. You may get better customer service elsewhere
As a Medicare enrollee, you may find yourself with questions about your plan's coverage. Or, you might have to go through the process of getting prior authorization for certain services.
If that and other processes are hard to navigate, and your Medicare plan's customer service leaves much to be desired, that's another reason to look at making a switch. You may find a comparable plan out there with better ratings, which means that participants are more satisfied with the service and care they receive.
If you don't have any issues with your current Medicare plan, then you may be inclined to skip open enrollment this year. But it pays to look around and see what else is out there. You may find that a few hours of your time results in superior coverage and lower costs in 2026.
