Why It Pays to Recheck Your Medicare Coverage Before Open Enrollment Ends

Key Points

• Medicare open enrollment continues through Dec. 7.

• Reviewing your plan could uncover better benefits and lower costs.

Each fall, Medicare gives millions of beneficiaries a valuable chance to reassess their health coverage. Yet many people let the open enrollment period slip by without making changes, assuming their current plan is already the right one.

Even if staying put feels easier, skipping this window can leave you missing savings or benefits that better match your needs. Here's why it makes sense to look over your options while you still can.

Coverage can change from year to year

Medicare Advantage and Part D prescription drug plans are not fixed. Insurers can adjust premiums, benefits, and coverage details each year.

Your current plan may also have changes that are easy to overlook, such as new prescription tiers that raise what you pay for medications. Monthly premiums, annual deductibles, and out-of-pocket maximums can also go up.

Be sure to read your plan's annual notice of change so you don't miss important updates. That information could point you toward a plan that is a better fit for the next coverage year.

Comparing plans may cut your costs

Another strong reason to shop around during open enrollment is the chance to reduce expenses. By comparing Medicare plans available in your area, you may find one that offers similar or even better coverage at a lower premium or with a smaller deductible.

You may also come out ahead through extra benefits. For example, if your current Medicare Advantage plan does not include a fitness club membership but another plan at the same price does, you could avoid paying for a gym membership separately.

Your health situation may be different now

Your medical needs may not be the same as they were a year ago. You may have a new diagnosis, begun taking a different prescription, or arranged for surgery.

That is why it is worth reviewing your choices carefully. A plan that worked well before may no longer be the best match for the coming year. A new health condition, for instance, might make extra benefits more valuable than what your current Medicare Advantage plan provides.

Act before the deadline

Open enrollment runs through Dec. 7, giving you a limited amount of time to make changes for the coming coverage year. Still, it is best not to wait until the final days.

Over the next few weeks, gather your current medications, call your preferred doctors to confirm whether they are in network, and use Medicare's online Plan Finder to review options in your ZIP code. A few hours of research could help protect both your health and your budget over the full year.