Seniors Need To Prepare Now For Medicare's Annual Enrollment Period

Seniors need to start preparing now for Medicare's Annual Enrollment PeriodPhoto byAmerican Association for Medicare Supplement Insurance

Millions of seniors will wake up January 1st only to realize their Medicare plan coverage has changed and that it's too late to act.

Fortunately Medicare provides an annual opportunity for seniors to review coverage for the coming year. If a better plan would offer improved coverage or yield savings, switching is possible.

All of this happens during Medicare's Annual Enrollment Period (AEP). The first day to act is October 15th. The last day to make any changes is December 7th. And while that seems ages from now, experts will tell you there are key reasons to act now.

The first is that significant 2025 Medicare plan changes are occuring. Already seven major providers of Medicare Advantage (MA) plans have announced plans to stop offering coverage in 2025. Companies include Aetna and Humana, two of the nation's leading MA plan providers. The American Association for Medicare Supplement Insurance predicts a significant number of seniors will be impacted.

In addition, some 1.5 million Americans have prescription drug costs that exceed $2,000 annually. Thanks to the Inflation Reduction Act of 2022, these seniors might benefit from a new cap on out-of-pocket drug expenses. However, others with Medicare prescription drug plans may see costs and co-payments for their plans increase.

Preparing yourself for Medicare's Annual Enrollment Period can be of significant benefit. Here are the three things experts recommend doing in advance.

First, if you can, see or at least ask your physicians and medical specialists if they believe they will change your medications for the coming year. Will they recommend a newly available generic? Or, will they add a new medication to your regimen? This will help you find the best Medicare prescription drug plan for 2025 once AEP opens.

Second, watch your mail for the required plan documentation that outlines all plan changes for the coming year. If you don't receive your copy by mid-September, call your plan and request one immediately. Read it carefully.

Finally, the better Medicare plan advisors tend to have their calendars filled prior to the start of AEP. Finding one you want to work with. Call now to set a time during the start of AEP to meet in person or speak by phone. Waiting until the last days of open enrollment may leave you little time to really investigate or evaluate your many options.

Jesse Slome is director of the American Association for Medicare Supplement Insurance, a national organization that advocates for Medicare education. Follow Slome on Newsbreak to receive ongoing tips and tactics that can make you a smarter insurance buyer.