A Plain-English Medicare Open Enrollment Checklist

Every fall, Medicare lets you review your coverage and make changes. Plans can change from one year to the next, even if your health has not. A short review each year helps you avoid surprises.

Key takeaways

• Open enrollment runs from October 15 to December 7
• Plan costs, drug lists and doctor networks can change every year
• Your income from two years ago can affect your premiums
• Doing nothing means your current plan renews

Read your Annual Notice of Change

In the fall, your plan sends a letter called the Annual Notice of Change. It explains what will be different next year, such as premiums, copays, the list of covered drugs and the doctors in the network. Many people set it aside. It is worth reading before the deadline.

Check your prescriptions

Drug lists are not the same from plan to plan, and a plan can move a drug to a different cost tier. List every medicine you take, then check whether each one is still covered and what you would pay. The Medicare Plan Finder on Medicare.gov can help with this.

Check your doctors and hospitals

If you have a Medicare Advantage plan, find out whether your doctors and your preferred hospital are still in the network. If you have Original Medicare with a supplement plan, you generally keep the freedom to see any provider who accepts Medicare, but it is still smart to confirm.

Look at the full cost, not just the premium

A low monthly premium is only one piece. Add up the likely yearly cost:

1. The monthly premium
2. The deductible
3. Copays and coinsurance
4. The most you could pay out of pocket in a year

Think about your income

Medicare Part B and Part D premiums can be higher for people with higher income. The amount is based on your tax return from two years earlier. If you had a one-time event, such as selling a home or a large Roth conversion, ask whether it could affect your premium. If your situation has changed since then, you may be able to ask Social Security for a review.

1. October 15Open enrollment begins
2. December 7Open enrollment ends
3. January 1New plan year and new costs begin

Sources and references

• Medicare.gov: When can I join a plan? (opens in a new tab)
• Medicare.gov: Part B costs (opens in a new tab)
• Social Security: Income-related premiums (opens in a new tab)

This article is general information, not tax, insurance or investment advice for your situation. Medicare rules and costs change each year. Platinum Tax Advisory does not sell Medicare plans.