Medicare Open Enrollment Ends Soon. 3 Moves to Make Before It's Over

"Healthcare tends to be a major expense for retirees, and the right Medicare plan could spell the difference between paying less or paying more. That's why it's so important to take advantage of Medicare's annual fall open enrollment period. Each year between October 15 and December 7, Medicare enrollees can make changes to their coverage. That could mean switching from one Part D drug plan to another, or choosing a new Medicare Advantage plan."

"You can't be confident that your Medicare plan still works for you if you don't read up on how it's changing in the new year. It may be that your Medicare Advantage plan is dropping providers, or that your copays for certain medications are increasing. Similarly, if you have a Part D drug plan, its formulary may be changing in the new year. That could leave you paying more for your prescriptions."

Medicare's fall open enrollment runs October 15 through December 7, allowing enrollees to switch Part D drug plans or Medicare Advantage plans. Review the annual notice of change to spot provider network shifts, copayment increases, or formulary changes that could raise costs. Assess current and anticipated healthcare needs, including medication changes and new diagnoses, to identify plans with lower copays, better formularies, or supplemental benefits like meal services. Compile a list of prescriptions and providers, confirm plan formularies and networks, contact plan administrators for missing notices, and enroll in the most cost-effective plan before December 7.

Read at 24/7 Wall St.