Medicare Open Enrollment: Key Mistakes to Avoid

Medicare’s open enrollment period has been ongoing for a couple of weeks, allowing participants to make changes to their coverage from October 15 through December 7.

The positive takeaway is that if you haven’t started reviewing your coverage options, there’s still over a month left. However, as you navigate open enrollment, be cautious of potential mistakes that could lead to unnecessary costs.

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1. Ignoring Changes to Your Current Plan

Before choosing your Medicare coverage for 2025, take a close look at what’s changing with your current plan. Don’t discard the notice of change sent by your plan administrator. If you don’t receive it, reach out to them for a copy.

Your current plan might see cost increases. Knowing this information will help you compare with other plans available. Conversely, if costs decrease, you’ll want to confirm that your plan still meets your needs for the upcoming year.

2. Staying with Your Plan If It’s “Good Enough”

If you’re not satisfied with your Medicare plan, switching might feel necessary. Yet, if you’re content, it’s easy to overlook open enrollment entirely. The real issue is that there may be cheaper plans that cover your specific needs better.

Even a slight reduction in your Medicare costs can significantly impact your finances. Given that Social Security benefits are only seeing a 2.5% cost-of-living adjustment next year—the smallest increase in years—finding those savings is crucial.

3. Assuming You and Your Spouse Need the Same Plan

While there are advantages to enrolling in the same Medicare Part D or Advantage plan as your spouse—such as shared rules and potentially seeing the same providers—this is not always the best option financially.

If your health needs differ, you might pay more for coverage under the same plan. If you and your spouse take different medications, consider enrolling in different Part D plans to better suit your individual situations.

The next few weeks provide an excellent opportunity to secure the right Medicare plan for the upcoming year. Take your time and be mindful of these common mistakes to avoid dissatisfaction with your choices or unexpected expenses.

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