Medicare Open Enrollment Starts 10/15: Here's Why it's Important

If you’re a Medicare beneficiary, the open enrollment period is a time to reevaluate your health coverage, compare your options, and see if there are other plans available that better meet your needs.

Below is everything you need to know about Medicare open enrollment so you can choose the best coverage option for you.

When is open enrollment for Medicare?

The Medicare open enrollment period occurs every year in the fall. In 2023, the open enrollment period runs from October 15 until December 7. When you choose a plan during this time, your new coverage will go into effect on January 1.

Medicare open enrollment: the basics

While you may receive certain benefits when you first enroll in Medicare, each year, there may be changes to your Medicare insurance plans. Cost, coverages, and in-network providers and pharmacies can change. Fortunately, you have the option to modify your coverage during Medicare open enrollment. From October 15 until December 7, you can choose to enroll in a different Medicare plan so you have the best plan to meet your needs.

Information for the next year’s Medicare health plans will become available in October. If your current plan is changing, you’ll be able to see the adjustments in the Annual Notice of Change or Evidence of Coverage document you receive in the mail.

Related: 6 Most Outdated Myths About Medicare Open Enrollment 

Plan options

Depending on your situation, you may be enrolled in Original Medicare or a Medicare Advantage Plan. Original Medicare is the federal insurance program that includes Part A (hospital insurance) and Part B (medical insurance). You may also add Medicare Part D coverage to your policy, which covers prescription medications.

Medicare Advantage Plans — also known as Medicare Part C — are offered by private insurance companies, but are approved by Medicare. They bundle your Part A and Part B benefits, and usually include prescription drug coverage as well.

What you can do during open enrollment

During the open enrollment period, you can do the following:

• Switch from Original Medicare to a Medicare Advantage Plan: Medicare Advantage often includes coverages that Original Medicare doesn’t, including prescription drug coverage.
• Switch from a Medicare Advantage Plan: If you decide you don’t need the extra services offered by your Medicare Advantage Plan, you can change back to Original Medicare.
• Change Medicare Advantage Plans: You can select a new Medicare Advantage Plan. For example, you can switch to a plan that offers prescription drug coverage if your old one didn’t offer that benefit.
• Join or switch Medicare Part D Plans: You can enroll in a Medicare Part D Prescription Drug Plan or switch plans.

The open enrollment period is not for first-time Medicare enrollees. If you’re over 65, don’t currently have Medicare, and are looking to enroll in a new plan, you’ll have to wait until the general enrollment period in January.

Related: 9 Costly Medicare Open Enrollment Mistakes

6 things to consider before Medicare open enrollment

Before Medicare open enrollment begins, keep the following factors in mind to help you choose the right Medicare coverage:

1. Your healthcare needs: Your health determines what kind of coverage you need. If you have chronic health conditions, you’ll likely need a different plan than if you were in excellent health. 
2. Out-of-pocket costs: When comparing health plans, pay close attention to monthly premiums, deductibles, copayments, and coinsurance. Those costs affect how much you have to pay out of your pocket.
3. Prescription drug needs: If you take prescription medications and don’t have coverage through an employer or union, you’ll likely need to purchase a separate Medicare Part D plan or enroll in a Medicare Advantage Plan that offers prescription drug coverage.
4. Other services or items: Original Medicare doesn’t cover services like eye exams, hearing aids, or dental care. However, many Medicare Advantage Plans cover these services, so it may be worth enrolling in an Advantage Plan.
5. Travel plans: Original Medicare provides coverage anywhere in the United States, but does not cover your medical care outside of the country. By contrast, your coverage is dependent on your plan under a Medicare Advantage Plan. Some plans include out-of-network coverage and may cover medical treatments outside of the country.
6. Healthcare providers: When choosing a Medicare plan, think about what providers you want to use. With Medicare Advantage, you can choose plans that offer in-network-only coverage or offer out-of-network coverage. While in-network plans are less expensive, they may also offer less flexibility and fewer treatment options.

How to get help with Medicare open enrollment

If you need help choosing a plan or you have questions during Medicare open enrollment, use the following resources to get assistance:

• Medicare Plan Finder: The Medicare Plan Finder is an interactive tool provided by the Centers for Medicare and Medicaid Services. You can use it to compare Medicare plans and review coverage options.
• Call Medicare.gov: You can call 1-800-633-4227 to get help with choosing a Medicare plan.
• Contact your state health insurance assistance program: Each state operates a state health insurance assistance program (SHIP). You can get local one-on-one Medicare counseling and advice to help you make informed healthcare decisions. You can use the SHIP locator tool to find a SHIP office near you.

Be sure to read up on Medicare scams — scammers may try to reach out to you and ask for your personal information. 

FAQs about Medicare open enrollment

The bottom line on Medicare open enrollment

The Medicare open enrollment period will be here before you know it. Even if you’re satisfied with your current coverage, it’s a good idea to review your health plan, costs, and benefits to ensure you have the best plan possible for your healthcare needs.

Medicare plans are always changing, so what was the best plan for you this year may not be the right option for next year. You may also be able to find a more affordable Medicare plan or one that covers more services or items. Carefully evaluate your options, keep your out-of-pocket costs in mind, and comparison shop so you can find a plan that maintains and improves your health while staying within your budget.