Signing up for Medicare isn't as simple as you might expect. While Parts A and B are available to all enrollees, from there, you have choices.
If you stick to original Medicare, you'll need to figure out which Part D drug plan is right for you. And if you decide to get coverage under Medicare Advantage, you'll need to determine which plan you should buy based on factors that include cost and benefits.
The good news, though, is that you're not stuck with your Part D or Advantage plan forever. Each year, Medicare enrollees have an opportunity to make changes to their coverage during the program's fall open enrollment period, which starts on Oct. 15 and runs until Dec. 7.
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Since we're still the midst of July, fall open enrollment may be the last thing on your mind. But going into that period prepared could help you make the most of it -- and make the savviest Medicare coverage choice. So with that in mind, here are some steps you can take now to gear up for open enrollment.
1. Make a list of your current costs
Your Part D drug plan will come with different costs, from your ongoing premiums to copays for the drugs you take. You'll face similar costs if you're signed up for a Medicare Advantage plan. It can be easy enough to lose track of what you're spending on various aspects of your care, so take the time to make a list of the costs your plan subjects you to. That way, you may have an easier time comparing your choices in October.
2. Note changes to your health
Maybe you started a new medication last month that's expensive to cover. Or maybe you stopped taking a certain daily pill because your health improved. These are things to keep in mind when you shop around for new coverage, so make a list of any changes you've undergone recently -- or since putting your current Medicare coverage in place.
3. Make a pros and cons list
It's not a given that you'll switch from your current Medicare plan to another this fall. But a good starting point is to make a list of the things you like about your plan and the things you don't.
Maybe your Medicare Advantage plan offers supplemental benefits that have improved your quality of life, like a gym membership. But maybe you're also not thrilled that providers you once saw are now out of network. Having a pros and cons list ready ahead of fall open enrollment could help you determine whether it pays to keep your current plan or switch after seeing what options are available to you.
It may seem like it's too soon to start doing anything fall-related. And that extends to thinking about your Medicare coverage. But while that open enrollment period does span a good number of weeks, that window can fly by faster than expected. Going in prepared can help you make the most of that time frame and ultimately lead to a smart decision on your part.
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