Why Skipping Medicare Open Enrollment Could Be a Costly Mistake

Autumn is a good time to enjoy local parks and hiking trails, take in some football, and browse farmers' markets on the weekend. It is also an important time to take another look at your Medicare coverage.

Every year, Medicare’s open enrollment period gives current enrollees a chance to make key changes, including switching Part D drug plans, moving to another Medicare Advantage plan, or leaving Medicare Advantage for original Medicare.

If you are fairly happy with your current Medicare plan, you may be tempted to skip open enrollment altogether. Still, sitting it out could turn out to be a costly error.

Doing nothing could cost you

You are not required to take part in open enrollment. If your plan remains available, you can keep it if it still works for you. But if you do not review your options for the coming year, you could wind up spending more on healthcare.

There may be a Part D plan with lower premiums and a better tier structure, which could mean cheaper copays. If you do not compare plans, your prescription coverage may end up costing more than it needs to.

There could also be a Medicare Advantage plan with lower out-of-pocket expenses than the one you have now. Or a plan with similar costs might offer extra benefits. If you do not look around, you may miss those possibilities.

You could lose access to the doctors you prefer

If you have Medicare Advantage, you may already be used to staying within a specific provider network. Going outside that network can be expensive.

However, some of your preferred doctors may no longer be in your current plan’s network in the coming year. If that happens and you want to keep seeing them, switching to another Medicare Advantage plan where they are in-network could make sense.

It is also worth remembering that staying with doctors you already know is not just about convenience. If they are familiar with your medical history, they may be better positioned to provide high-quality care.

Don’t pass up the chance to improve your coverage

It may seem harmless to skip open enrollment if your Medicare coverage looks fine and your plan does not appear to be getting worse. Even so, missing the window could leave you paying more, giving up better benefits, or losing access to the providers you want.

Instead, set aside some time in the near future to review your plan options. After doing a little research, you may decide to stay with your current plan. But that choice will be based on information, not just hope.