Maximizing Medicare: Tips for Open Enrollment

Medicare Open Enrollment happens every fall. It’s the perfect time to sign up for Medicare for the first time or make changes to your current plan. If you’re turning 65, you have a 7-month window to enroll. Missing it could mean higher costs later. Already on Medicare? This is your chance to make sure your plan still fits your needs. Need help finding the right plan? We can connect you with a local Medicare specialist, or you can use Medicare’s Plan Finder tool.

Why is Medicare Open Enrollment Important?

Even if you’re happy with your current plan, it’s important to take a moment to review it. Medicare can make changes each year to your costs, coverage, and which providers are in-network. New plan details for the coming year are usually released in the fall. Because you can only make changes during Open Enrollment, it’s important to make sure your plan still fits your health needs and budget. Taking the time to review now helps set you up for a successful retirement. 

Two Documents to Review Every Medicare Open Enrollment 

Medicare can feel complicated at first, but these two documents can help you figure out if you need to make changes:

• Evidence of Coverage (EOC): This document shows what your plan covers and how much you’ll be expected to pay.

• Annual Notice of Change (ANOC): This notice highlights any changes to your plan for the upcoming year.

When you receive these documents, it’s a good idea to review them side by side. Make sure your coverage still meets your needs. If it does, great! If not, Open Enrollment is the time to make updates.

How Do I Know If I Need to Change or Update My Coverage?

Most people only sign up for Medicare Part A and Part B once. Each year during Open Enrollment, you can make changes to how you get your health coverage or add/switch prescription drug coverage. Generally, coverage falls under one of two main options:

• Original Medicare with a Supplemental or Medigap Plan:

  • Includes Parts A (hospital) and B (medical) coverage.

  • Part B has a monthly premium that may vary based on income.

  • Original Medicare doesn’t cover everything—dental, vision, and hearing often aren’t included.

  • A Supplemental plan can help fill those gaps. Most Supplemental plans require separate Part D (prescription drug) coverage.

• Medicare Advantage (Part C):

  • Combines Parts A, B, and sometimes D into one plan through a private insurer.

  • Can offer extra benefits but may come with unexpected copays or provider restrictions.

To decide if your plan still fits, consider these questions:

• Are your premiums changing, and by how much?

• What are your current out-of-pocket costs, and could they change?

• Do you have new medical needs, like specialist visits or therapy?

• Are you planning to move or change doctors?

• Could you handle unexpected hospital costs?

• Do you have any preexisting conditions to consider?

• Are you taking new medications?

Before making a switch, understand the new plan’s terms. Some changes may require medical exams, which could affect costs. Don’t stay on autopilot; checking your coverage now helps you manage costs and ensures you get the care you need. For more information on Original Medicare, Supplemental Plans, and Medicare Advantage, check out this helpful resource.

How Can I Update My Medicare Coverage? 

If you decide you want to switch your Medicare Advantage plan, you can use the online portal to find a plan that better suits your needs. If you want to switch from Medicare Advantage to Original Medicare plus a Supplement plan and Part D plan, you can contact your current plan or call 1-800-MEDICARE. If you still have medical coverage through your employer after you retire, consult with them about the changes because sometimes, joining a Medicare Advantage Plan could cause you to lose employer or union coverage. Remember, Medicare doesn’t cover certain expenses, like long-term care. Because of this, it’s important to find additional protection and risk management opportunities to help secure your future. 

We work with local trusted Medicare brokers and can refer you if you need help reviewing your options.

Making Lasting Financial Decisions

Whether it be Medicare, retirement planning, or investment strategies, it's essential to have a trusted financial advisor who can act as a sounding board and a guide through the complicated financial system. Medicare’s open enrollment period occurs each year in the fall, making it the ideal time to review and update your coverage to ensure it meets your needs. To get started, reach out today.