Oct. 11, 2024—Open enrollment for Medicare runs Oct. 15 through Dec. 7. That makes now a great time to think about whether your current coverage is working for you or whether you might want to make changes.
During open enrollment, you can decide to switch from Original Medicare to a Medicare Advantage (MA) plan. If you have an MA plan, you can switch back to Original Medicare. Or you can change to a different MA plan. You also can decide to enroll in a Part D prescription drug plan or switch to a different Part D plan.
Before you begin
It's helpful to first review the various parts of Medicare:
- Part A covers hospital and hospice care, as well as some skilled nursing services after you leave the hospital.
- Part B covers outpatient services, such as visits with your doctor and diagnostic tests.
- Part D helps pay for prescriptions.
- Part C is Medicare Advantage, which combines Parts A, B and usually D.
Get the information you need
To compare plans, go to the Centers for Medicare & Medicaid Services (CMS) plan finder website. Here you can review coverage and prices for Original Medicare and MA plans—the site includes a calculator to keep track of costs—as well as get information about Part D plans.
You'll want to make sure your doctors are in your plan's network. You'll also want to check whether the drugs you take are covered in your MA or Part D plan. Prescription drugs that aren't covered or aren't "preferred" medications could end up costing you more. Co-pays aren't the same across all plans either, so be sure to review those costs too.
If you like your current plan, make sure to carefully review its Annual Notice of Change. Your plan may be changing. But if your current plan isn't undergoing significant changes and will still work well for you, you don't have to do anything during this enrollment period.
Sources
- AARP. "What Is Medicare and How Does It Work?" https://www.aarp.org/health/medicare-insurance/info-2020/what-is-medicare.html.
- Centers for Medicare & Medicaid Services. "Biden-Harris Administration Prepares to Kick Off Medicare Open Enrollment and Releases 2024 Medicare Advantage and Part D Star Ratings." https://www.cms.gov/newsroom/press-releases/biden-harris-administration-prepares-kick-medicare-open-enrollment-and-releases-2024-medicare.
- Centers for Medicare & Medicaid Services. "Medicare Open Enrollment." https://www.cms.gov/priorities/key-initiatives/medicare-open-enrollment-partner-resources.