Healthcare is a major expense for retirees, including those whose health is great. That’s why it’s important to make the most of Medicare open enrollment, which is only a little more than a week away.

Each year, Medicare runs an open enrollment period between Oct. 15 and Dec. 7. And here are a few things you should know about open enrollment before it begins.

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1. It’s not the time to first sign up for Medicare

Medicare eligibility begins at 65. But if you’re 65 and haven’t yet signed up for Medicare, then fall open enrollment isn’t for you. Rather, it’s for existing participants only.

Your first opportunity to sign up for Medicare begins three months before the month of your 65th birthday and ends three months after that month. If you missed that initial seven-month Medicare enrollment window, you can sign up for coverage during the program’s general enrollment window. That occurs from Jan. 1 through March 31 every year.

However, you may also be eligible for a special enrollment period for different reasons. If so, you may not have to wait until January to sign up for Medicare. But in that case, fall open enrollment still doesn’t apply to you.

2. The changes you make could save you a lot of money

You can make a number of changes to your Medicare coverage during open enrollment. You can:

• Switch from one Medicare Advantage plan to another
• Sign up for Medicare Advantage for the first time
• Go off of Medicare Advantage and replace it with original Medicare
• Switch Part D drug plans

These moves could result in savings on premiums and medication co-pays. And in some cases, they could save you money in the form of getting your plan to pay for benefits you’re used to covering out of pocket.

For example, original Medicare won’t pay for dental care or vision services. Moving onto a cost-effective Medicare Advantage plan that covers these things could result in savings.

Similarly, there may be a Part D drug plan that places your prescriptions into a lower-cost tier, resulting in cheaper co-pays. That too could lead to big savings.

3. It’s important to review your options, even if you’re pleased with your current plan

If you’re unhappy with your current Medicare coverage, it may be that you can’t wait to get onto a new plan. But even if you’re satisfied with the coverage you have today, it still pays to review your plan options this October.

It may be that your Medicare Advantage plan is affordable to you and offers benefits that save you money. But what if there’s a comparably priced Advantage plan out there that gives you everything you have now, only with extra benefits beyond what your current plan offers? Why wouldn’t you want expanded coverage at the same price point?

It may also be that your healthcare needs have changed since you put your current Medicare plan in place. If you’re on a specific Part D plan because it initially made one of your pills cheaper but you’ve recently switched off of that pill, then there may be a less expensive Part D plan to move over to.

The nice thing about Medicare’s open enrollment period is that it lasts a good number of weeks. But don’t wait too long to explore your options for coverage. Although you have until December to do your research, your best bet is to get the ball rolling in mid-October once open enrollment kicks off. That gives you extra time to address questions you have about your plan choices and make a decision for 2025 without feeling too pressured.

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