Every year, Medicare plans change their costs, drug lists, and provider networks — and every year, millions of people stay in a plan that no longer fits because reviewing it feels like a chore. Open enrollment is your no-penalty window to fix that. Here's a five-step review that takes about an hour and can save real money.
Know the dates
Medicare's Annual Open Enrollment runs October 15 to December 7, with changes taking effect January 1. There's also a separate Medicare Advantage Open Enrollment from January 1 to March 31 for people already on an Advantage plan who want to switch. Miss your window and you generally wait a full year, so put the date on the calendar.
1. Read your plan's change notice
Each fall, your plan mails an Annual Notice of Change (ANOC). Don't toss it. It spells out exactly how next year's premium, deductible, copays, and covered drugs will differ. A plan that was a great fit this year can quietly become a poor one for next year — the ANOC is where you catch that.
2. Re-check your prescriptions
The single most common overpayment is staying on a Part D drug plan after your medications — or the plan's formulary — have changed. Re-price your actual prescription list against the plan's new drug list every year. A drug moving to a higher tier, or off the list entirely, can cost you hundreds.
3. Confirm your doctors and pharmacies are in network
Networks shift annually, especially on Medicare Advantage plans. Before you renew, verify that the doctors, specialists, and pharmacies you actually use are still in network for next year. An out-of-network surprise can erase any premium savings instantly.
4. Compare total cost, not just the premium
A low or $0 premium can hide high copays, deductibles, and out-of-pocket maximums. Add up the realistic yearly total for each option:
- Annual premium
- Expected copays and coinsurance for your typical care
- Drug costs under each plan's formulary
- The out-of-pocket maximum — your worst-case ceiling for the year
The cheapest sticker price is often not the cheapest plan once your real usage is included.
5. Use the free tools and help
Medicare's official Plan Finder at Medicare.gov lets you enter your exact drugs and pharmacies and compare total estimated costs across plans. Your State Health Insurance Assistance Program (SHIP) offers free, unbiased counseling. Both are genuinely useful and cost nothing.
The bottom line
An hour of comparison during open enrollment can save you real money for the next twelve months. Read the change notice, re-price your drugs, confirm your network, and compare total cost — then act before December 7.
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