Have Parents On Medicare? 3 Things To Do In October

Medicare's Annual Enrollment Period begins October 15th.Photo byAmerican Association for Medicare Supplement Insurance

Jesse Slome is director of the American Association for Medicare Supplement Insurance (AAMSI) a national advocacy organization that supports insurance professionals who market Medicare solutions. This post may include affiliate links. If you purchase anything through these links neither the author nor the Association earn a commission. However, agents who sell Medicare plans do.

October is a pivotal month for millions of seniors with Medicare coverage. Regrettably, too many fail to take some simple steps that would ensure they save money and have the best available benefits starting January 1st.

If you have parents who are on Medicare, helping them understand the urgency of acting is more vital this year. That's because many more seniors will face significant plan changes in the coming year.

Medicare provides millions of seniors the opportunity to change their coverage for the coming year. It's called the Medicare Annual Enrollment Period (AEP). The special opportunity begins October 15th and ends a short 53 days later on December 7th.

Here are the 3 most important things you can do to help your parents with Medicare coverage.

1. Ask if they received their Annual Notice of Change (ANOC)? Every participant with Medicare Advantage plan coverage or a stand-alone Medicare drug plan must receive this notice. Often, it's a pretty big package that some discard and many more fail to read.

If the ANOC has not been received by October 1st, encourage your parents to call to request one immediately. Or, get their permission permitting you to call.

This package will spell out the changes for the coming year. Pay particular attention to changes in networks of doctors, prescription drug coverage and costs. Most Medicare Advantage plans today also include benefits such as dental, hearing and vision care. If your parents take advantage of these benefits, be sure to see what changes are in store for the coming year.

2. Urge them to compare drug plan coverage in order to save. Drug plans will be changing for 2025. That means many seniors will find themselves paying more next year.

Even seniors who are happy with their drug plan coverage should take the 10 minutes to check whether they'll have the best coverage for 2025.

3. Take advantage of 2024 free benefits before the year ends. The majority of Medicare Advantage plans today offer some great dental benefits. Many of these include free dental care.

Experts predict that due to costs, these free benefits may be limited or eliminated from plans. Now would be a good time to suggest your parents book a dental check-up before the end of the year.

If they have a prescription that can be filled before the end of the year, doing so before December 31st can yield hundreds of dollars of savings.