Making the Most of Medicare’s Open Enrollment: Last-Minute Tips to Help You Save

Medicare’s annual open enrollment period for health plans and prescription drug coverage runs until December 7. With just days left to go, experts say it’s essential for Medicare’s 67.8 million beneficiaries to review their current coverage and make changes if necessary.

"Medicare’s open enrollment is an opportunity to make sure you have the best coverage for your needs," said Juliette Cubanski, deputy director of the program on Medicare policy at KFF. "It’s possible that you could save money by switching to a different plan or plan type."

Make Sure You Have Access to Preferred Providers

Beneficiaries can choose to go with original Medicare – Parts A and B with the option to add Part D prescription drug coverage – or private Medicare Advantage plans. With original Medicare, you can see any doctor in the country who accepts Medicare, so access is not an issue. However, with Medicare Advantage plans, there are provider networks that limit the choice of doctors and hospitals from which a beneficiary may choose.

"It’s best to check – not assume – that the doctors you want to see will be covered by your plan," said Philip Moeller, author of "Get What’s Yours for Medicare: Maximize Your Coverage, Minimize Your Costs." "Call Medicare Advantage plans or medical providers directly to find out if they are still covered, as brochures can sometimes be outdated."

Check if Your Prescription Drugs are Covered

Starting in 2025, there’s a $2,000 annual out-of-pocket cap on prescription drug costs through Medicare Part D. Beneficiaries should check their plan’s coverage and costs, as the details matter. "The details really matter this year for Part D plans," Moeller said. "People should do their homework and make sure that their Part D plan still does what they wanted it to do."

<h2.Pay Attention to Your Out-of-Pocket Costs

Open enrollment provides an opportunity for beneficiaries to manage how much their overall out-of-pocket costs – including premiums, deductibles, and coinsurance – may increase in 2025. "Make sure that you have manageable out-of-pocket expenses for the year," Moeller said.

Making the Choice Between Medicare Original and Advantage

Medicare Advantage has received its share of criticism, particularly for restricted access to care and unexpected costs. However, experts say the choice between private Medicare Advantage plans and government Medicare original plans is largely personal. "For some people, Medicare Advantage might be the right call," Moeller said.

Can You Still Make Changes After December 7?

In some cases, beneficiaries may still be able to make changes after the official December 7 end of Medicare open enrollment. "Dec. 7 is important, but it’s not the end-all date, in case you need to make some changes," Moeller said. Medicare Advantage has its own special open enrollment period that will start on January 1 and last through the first quarter. During that time, Medicare Advantage beneficiaries may switch to a different Medicare Advantage plan, opt for original Medicare or enroll in a standalone Part D drug plan.

Conclusion

Medicare’s open enrollment period is a crucial time for beneficiaries to review their coverage and make changes if necessary. By following these last-minute tips, beneficiaries can ensure they have the best coverage for their needs and save money in the process.

Frequently Asked Questions

• What is Medicare open enrollment?
  Medicare’s annual open enrollment period for health plans and prescription drug coverage.
• What is the deadline for Medicare open enrollment?
  December 7.
• Can I still make changes after December 7?
  In some cases, yes. Medicare Advantage has a special open enrollment period that will start on January 1 and last through the first quarter. Additionally, beneficiaries who have had a life-changing event or live in areas affected by hurricanes or wildfires may have more time to sign up for their 2025 coverage.