Medicare Open Enrollment Will Be Here Soon. Here’s How to Gear Up.

Many seniors find that health care is their biggest expense in retirement. One of the reasons for this is that many retirees manage to pay off their mortgages before the end of their careers and therefore have to spend less money on housing. But part of this also has to do with the fact that as people age, health problems arise, leading to the need for more testing, more procedures, and more associated bills.

Many seniors now end up on Medicare as soon as they turn 65. And that alone can be a huge expense — especially for those who derive the bulk of their retirement income from Social Security.

Choosing the right Medicare coverage is important so that you, as a senior, can get the care you need without having to spend an unreasonable amount of money in the process. But the Medicare plan you choose initially isn’t necessarily the plan you’ll stick with for life.

Each year, Medicare conducts an open enrollment period during which existing participants can make changes to their health coverage. The start date of this period, October 15, is coming up.

To be clear, open enrollment is not intended for people who are eligible to enroll in Medicare for the first time. Rather, it is for those who are already on Medicare. But if you’re in the latter boat, it pays to prepare for open enrollment by doing these things.

1. Review your current Medicare plan change notice

In the past few weeks, you may have received a message from your Medicare administrator informing you of changes to your existing coverage. It is worth reading this notice carefully before open registration begins. If your plan is obviously changing for the worse, you’ll surely want to explore different options once open registration officially begins.

2. Make a list of changes in your healthcare needs

Maybe your Medicare plan won’t change all that much. But if your personal needs change, that alone could be a good reason to explore different coverage options during open enrollment.

For example, you may want to find a Part D medication plan that provides adequate coverage for a new pill you take daily. Or you may want to find an Advantage plan with an additional benefit that can help treat a recently diagnosed health issue.

3. Plan to move quickly

Open registration runs until December 7th. However, that doesn’t mean you should wait to start exploring your plan options. In fact, it’s a good idea to mark October 15 on your calendar so you can start reviewing your options right away.

Choosing a new Medicare plan can be time-consuming. And with your health insurance at stake, it’s not a decision you want to rush.

Make the most of open enrollment

If you make wise decisions during Medicare’s open enrollment period, you could see cheaper health bills in 2023. And at a time when the cost of living is skyrocketing due to inflation, this is a really important thing.