Medicare Open Enrollment is underway and will end on Dec. 7, giving millions of beneficiaries a limited window to review their health and prescription drug coverage for the coming year. The annual enrollment period is the one time most people with Medicare can make changes to their plans, and experts stress that failing to review options could leave beneficiaries paying more than necessary or losing access to preferred doctors and medications.
Plans change every year, and so do individual health needs. What worked last year may not be the best fit for the coming year. During Open Enrollment, beneficiaries should check whether their preferred doctors, prescriptions, and pharmacies are still covered; compare premiums, deductibles, copays, and other out-of-pocket costs; and look for any changes in their current plan. Comparing plans side by side based on the prescriptions they take can help individuals find the right plan for their health needs and budget.
The financial stakes can be significant. According to the Centers for Medicare and Medicaid Services, one person with Medicare compared drug plans to find the best costs and coverage for their prescriptions, including a blood thinner and a common cholesterol medication. Using medicare.gov, they found the yearly cost for a Medicare drug plan and these prescriptions ranged from $1,356 to $2,965. By choosing the lowest-cost plan, they saved more than $1,600 while keeping their essential medications covered.
Medicare.gov is the official source for navigating Open Enrollment. The site allows users to explore and compare every available Medicare health and drug plan in their area. For those who prefer speaking with someone directly, 1-800-MEDICARE connects callers with a team of experts available 24/7 to help review options and answer questions about coverage. To get started, beneficiaries can visit Medicare.gov and click on “Find Plans Now.” Logging in or creating a Medicare account provides the best shopping experience, allowing users to easily compare plan costs side by side based on the medications they take.
Missing the Dec. 7 deadline could mean waiting a full year before making any changes to coverage, which is why getting started early is important. Beneficiaries should give themselves enough time to review and compare options, considering factors like costs, benefits, and prescription drug plans.
During Open Enrollment, scammers often take advantage of the season by pretending to be from Medicare or an insurance company to steal personal information. Medicare will never contact beneficiaries unsolicited. If someone you do not know calls, texts, or emails about Medicare, simply hang up or delete the message. Suspected fraud should be reported immediately at Medicare.gov/fraud or by calling 1-800-MEDICARE. Beneficiaries should never give out their Medicare Number, Social Security Number, or financial information to anyone they do not know.
With the deadline approaching, reviewing Medicare coverage options is one of the most important health decisions beneficiaries can make this fall, potentially saving hundreds of dollars and ensuring access to needed care.
