Understanding Medicare Open Enrollment: A Guide for Seniors

Sure, if you are not a person of a certain age, those 8 weeks may have you thinking about the World Series, Halloween, Thanksgiving, or early Christmas shopping.

But if you’re old enough to remember, well…Herman’s Hermits and an airport with no TSA, those dates have a very different and specific significance.

It’s…wait for it… Medicare Open Enrollment season. No, there won’t be costumes or a parade, but there will be opportunities to make changes to your current healthcare coverage. So, not fun. But, definitely important.

What is Medicare Open Enrollment?

Medicare health and drug plans can change every year. These changes can include monthly premiums, deductibles, drug costs, and provider or pharmacy networks. Changes can also impact the list of covered drugs. A prescription drug plan that worked for you last year might have eliminated the drugs you need from their list or increased their out-of-pocket costs for the coming year. During Medicare Open Enrollment, between October 15 and December 7, you can opt out of your current coverage and enroll in different Medicare and prescription plans that are better suited to your needs.

Understanding Medicare Plans

It’s important to read the materials Medicare and your prescription plan send out so you can be aware of any impending modifications. Mailings like the Evidence of Coverage (EOC) and Annual Notice of Change (ANOC) will apprise you of any changes to your plan and give you a heads-up that you might need to consider a new path. That said, just because you can make changes doesn’t mean you have to. This period of open enrollment is for those whose plans or circumstances no longer accommodate their health - or their wallet.

Medicare Basics

Here are a few examples of what can happen during Medicare Open Enrollment:

• If you have (or are signing up for) Medicare Parts A or B, you can join or drop a Part D prescription drug plan.
• If you have original Medicare (Parts A & B), you can switch to a Medicare Advantage plan.
• If you have Medicare Advantage, you can drop it and switch back to original Medicare (Parts A & B).
• If you have Medicare Advantage, you can switch to a new Medicare Advantage plan.
• If you have a Part D prescription drug plan, you can switch to a new Part D prescription drug plan.

Help is Out There

If all of this makes about as much sense as your grandkids’ math homework, fear not. Medicare’s website, https://www.medicare.gov/ is a comprehensive resource, designed to help you compare and contrast various plans and options. There is also a “Get Help” link to connect with a specialist by phone.

Remember, Medicare’s Open Enrollment ends December 7. So now is the time to review your current plans and assess whether or not your coverage and your circumstances still align.