8 Moves to Make During Medicare Open Enrollment

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8 Moves to Make During Medicare Open Enrollment

Focus on your health coverage

If you're enrolled in Medicare, October is a very important time of the year. That's because the program's open enrollment begins in the middle of the month, and that’s when current beneficiaries can make changes to their coverage in time for the upcoming year. Here are a few key moves it pays to make during this fall's open enrollment period.

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1. See if your Advantage plan is changing

If you're on a Medicare Advantage plan, you should receive a notice alerting you to any plan changes for the coming year. Review those details carefully, because if your plan is shifting in a way that hurts you, you'll want an opportunity to find a new one.

ALSO READ: 4 Medicare Open Enrollment Mistakes to Avoid at All Costs

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2. See if your Part D plan is changing

Just as Medicare Advantage plans are required to inform enrollees of changes, so too are Part D drug plans. Be sure to review your notice of change to see if your plan will no longer be good for you.

3. Review your Advantage plan choices

Even if your Advantage plan isn’t changing in a negative way, there could still be a better plan out there for you. It pays to see what options are available and whether there's an opportunity to reap some savings in the process.

4. Assess your prescription needs

Your Part D drug plan may not be changing much going into 2022 -- but your specific needs might. Review the medications you're taking right now and expect to continue taking into the new year. It could be that based on changes to your prescriptions, there's a better Part D plan out there for you.

ALSO READ: 4 Medicare Secrets That Could Ruin Your Retirement

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5. Review your Part D plan choices

Your Part D plan may not be changing for 2022 and your medications may be staying the same. But it's still worth reviewing your plan options and seeing if there's a less costly drug plan you can sign up for.

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6. Decide if you're done with original Medicare

Original Medicare won't cover a number of key health services, like dental care, hearing aids, and eye exams. If you're tired of those expenses eating away at your Social Security income, then you may want to look at moving off of original Medicare and signing up for an Advantage plan instead.

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7. Figure out if original Medicare is better for you

While Medicare Advantage commonly covers more services than original Medicare, it can also be more limiting with regard to in-network providers. If you're unhappy with your Advantage plan and aren't seeing a great replacement option, it may be time to switch over to original Medicare.

ALSO READ: 3 Signs Your Retirement Plan Needs a Refresh

8. Get started early

Though Medicare open enrollment is seven weeks long, reviewing your coverage choices can be a time-consuming process. Do yourself a favor and start the process early. If you wait until late November or early December, you might run into a real crunch.

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Make the most of open enrollment

The more strategic you are during open enrollment, the more likely you'll be to end up satisfied with your health coverage for 2022. Open enrollments runs from Oct. 15 through Dec. 7, so take the opportunity to set yourself up with solid coverage for the new year.

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8 Moves to Make During Medicare Open Enrollment