Open enrollment in the federal health program is set to start — here’s what you should know about changing coverage.
Medicare open enrollment starts soon, but 7 in 10 Medicare beneficiaries say they don’t compare Medicare plans during this period, according to a 2021 analysis by KFF, a health policy nonprofit.
That’s not great, since Medicare Advantage plans — which operate much like the private insurance you may have had through an employer — change from year to year. One of your doctors may have fallen out of network or your prescription drug prices may have gone up. And people with Original Medicare should compare their Part D prescription drug coverage.
Here’s how to approach switching Medicare plans.
If you have a Medicare plan, Medicare open enrollment from October 15 to December 7 is your opportunity to change coverage. You can switch from Original Medicare to Medicare Advantage, or vice versa, or enroll in or change Medicare Part D prescription drug plans.
If you have Medicare Advantage, you can also use Medicare Advantage open enrollment from January 1 to March 31 each year to switch plans or go back to Original Medicare and sign up for a Medicare Part D drug plan.
If you’re on any prescription medications, understand how your current plan will cover them in 2023 and whether another plan might be more affordable.
“It can be as simple as putting your drugs into Medicare.gov,” said Scott Maibor, a Medicare adviser based in Boston.
