4 Biggest Mistakes To Avoid During Medicare’s Annual Enrollment Period
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The most costly Medicare Annual Enrollment Period mistakes are missing the December 7 deadline, not comparing your current plan to alternatives, and failing to verify your doctors and medications are still covered. Plans change every year — a plan that was the best value in 2025 may not be in 2026. Reviewing your coverage annually takes 30 minutes and can save hundreds of dollars.
October 12, 2024 – Medicare’s annual open enrollment period (AEP) kicks off on October 15th. The special opportunity for millions of seniors only lasts through Dec. 7.
During open enrollment, millions of Medicare participants have the opportunity to make changes to their coverage. This is especially important in 2024 because some plans are ending while others are reducing benefits or raising costs.
As a result, AEP provides millions of seniors with an opportunity to switch to better coverage. It can also save you a lot of money in 2025.
Here are the 4 Biggest Mistakes To Avoid During Medicare AEP
1. Failing To Read Your Annual Notice Of Change Now
Millions of seniors make the mistake of not learning what changes will impact them beginning January 1st. You can’t make an informed decision about your 2025 Medicare plan coverage if you don’t take the time to learn about any proposed changes for your current plan.
By now you should have received your plan’s Annual Notice of Change. These are mailed to all participants with Medicare Advantage (MA or Part C) plans as well as those with stand-alone Medicare prescription drug plans.
It is vitally important that you read it. If you have not received a copy in the mail, or if you discarded it, contact your plan administrator right away and request a copy.
Your notice of change lists the various ways your coverage under your current plan may differ in 2025.
2. Not Considering Changes To Your Health
The second mistake is only looking back and not ahead. There’s a good chance that your own health needs have changed over the past year.
Maybe you’ve started taking new medications. Or, maybe a condition was diagnosed that you’ll want to get treatment for in 2025.
All of these need to be factored into the equation when considering coverage for the next year. But you have to think about them now, during AEP when you can still make a change.
3. Failing To Explore New Options, Even If You Are Happy
You may be perfectly happy with the Medicare Advantage or Medicare Part D drug plan that you have today.
But just because you’re satisfied with your coverage doesn’t mean you shouldn’t look into different options. You won’t know if there’s a cheaper alternative to your Part D plan, for example, if you don’t look. You may find that there’s an Advantage plan that offers more benefits at the same price you’re currently paying.
4. Not Speaking With At Least One Local Medicare Insurance Professional
Medicare is a NATIONAL program. But your options are always LOCAL – based specifically on where you live. For that reason, in addition to calling the many toll-free numbered call centers that are promoted during AEP, it can be very beneficial to connect with at least one local Medicare insurance agent.
He or she will often know such important factors as what your fellow seniors think about various plans. They might know which doctors don’t like Medicare patients. Or which pharmacies are the best for obtaining the lowest price for prescription medications.
Frequently asked questions:
What are the most important things to do before Medicare AEP ends?
What happens if I miss the Medicare Annual Enrollment Period?
Can I look at plan options without sharing my personal information?
How do I know if my current Medicare plan changed for the new year?
Why should I contact a local Medicare agent instead of a toll-free call center?
