Avoid The Single Biggest Mistake Seniors On Medicare Will Make This Fall; Don't Risk $2,000 In 2025

More than half of Medicare Advantage plan participants fail to compare coverage during Medicare's open enrollment.Photo byAmerican Association for Medicare Supplement Insurance

Nearly 70% of Medicare Advantage plan members did not compare plans during a past Medicare Annual Enrollment Period (AEP).

In fact, that year some 43% didn’t even check the changes made to their current plans - including changes in premium or out-of-pocket costs, according to the Kaiser Family Foundation analysis. And, nearly half (44%) did not review their current plan for potential changes in the kinds of treatments, drugs, and services that would be covered in the following year.

Failing to compare your 2025 plan choices can put have you needlessly spending $2,000 or even more next year based on your specific health needs and your plan's coverage gaps. As an example, the average monthly premium for Medicare Advantage is about $14 in 2024; however, some plans charge upwards of $100 per month.

Medicare gives seniors with Medicare Advantage plans as well as Medicare Part D prescription drug plans exactly 53 days to see if they can find better coverage for 2025. Failing to do so could be the mistake you'll regret for 365 days starting January 1st.

Admitedly it can be difficult to understand and compare the many plans available. There indeed can be a whole lot of choices. That’s why it’s a good idea to start now because today (October 15th) is the first day of Medicare's open enrollment period. The last day is December 7th.

The government's website medicare.gov is a good place to start. With an immense amount of information, it can be confusing and overwhelming. Therefore, it can also be smart to connect with one or more local insurance agents who focus on the Medicare policies and plans available in your area. Seek independent agents who research many different insurers instead of agents tied to one or two insurers.

Jesse Slome shares tips and tactics for saving money and improving health, many focused on seniors. Please "Like" this article and "Follow" Slome on Newsbreak for future articles.