The Centers for Medicare & Medicaid Services (CMS) recommends that all Medicare recipients review their coverage annually during open enrollment. Yet, a recent Kaiser Family Foundation survey revealed that over 70% of beneficiaries skip this step. While you may feel satisfied with your current plan, taking time to review your options can save money and ensure you have the coverage you need.
Open Enrollment: Key Dates
Open enrollment runs October 15–December 7 each year. Any changes you make during this period will take effect January 1 of the following year. Mark your calendar—this is your window to make adjustments.
Your Toolkit: ANOC and EOC
Before open enrollment begins, your plan will send two important documents:
- Annual Notice of Change (ANOC): Outlines any changes for the upcoming year.
- Evidence of Coverage (EOC): Details what your plan covers, including deductibles, co-pays, and premiums.
If you don’t receive these by the end of September, contact your plan immediately.
Smart Steps for Reviewing Your Coverage
When evaluating your Medicare options, keep these tips in mind:
- Check Your Providers and Prescriptions: Confirm your doctors and medications are still included. If your prescriptions changed this year, another plan might offer better coverage.
- Look Beyond the Monthly Premium: A lower premium doesn’t always mean lower overall costs. Review deductibles, co-pays, and out-of-pocket expenses.
- Explore Extra Benefits: Medicare Advantage plans may include perks like vision, dental, or fitness programs that help reduce out-of-pocket costs.
- Consider Medicare Supplement insurance: If you’re switching to Original Medicare, consider supplementing your coverage with Medicare Supplement insurance—also known as Medigap.
Helpful Resources
Use Medicare’s Plan Finder tool to compare options and find a plan that fits your needs.
Need Financial Help?
If costs feel overwhelming, you’re not alone. Programs exist to help:
- Extra Help Program: Assists with Part D premiums, co-pays, and deductibles for those with limited income and resources.
- Medicare Savings Programs: State-based programs that help cover Medicare costs for eligible individuals.
Related: Saving Money With Medicare Extra Help Prescription Program
Bottom line: Reviewing your Medicare plan each year ensures you’re getting the best coverage for your health and your budget. A little time now can save you money—and stress—later.
Keep reading: Why Working With a Licensed Insurance Agent Can Make All the Difference in Your Medicare Journey
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Bankers Life is not affiliated with or endorsed by the U.S. government or the federal Medicare program.
