Are you on Medicare and looking for some advice to save money during this year’s Medicare Annual Enrollment Period, also known as Open Enrollment?
If so, I will share three secrets you can use to save money during this Open Enrollment.
- What is Medicare’s Annual Enrollment Period?
- Secret #1: Everyone can change plans no matter their health situation
- Secret #2: Understand what plans can or cannot be changed
- Secret #3: How to find the best plan
- BEWARE of Medicare Advertisements
- Get Unbiased Medicare Guidance
What is Medicare’s Annual Enrollment Period?
Medicare’s Annual Enrollment period goes from October 15 until December 7. People can make specific changes to their Medicare Part D or Medicare Advantage plan during this time. It will become effective as of January 1 when you change in this period.
It’s critical to look at these details because this is your only chance, and reviewing these plans can save you thousands of dollars in the new year.
Secret #1: Everyone can change plans no matter their health situation
Everyone is allowed to change plans, but not all types of plans.
You can change between Medicare Advantage and Original Medicare and switch Medicare Advantage plans. And you can also switch or join a new Medicare Part D drug plan.
No matter what your health conditions are, everyone can change Medicare Advantage plans or Medicare Part D plans.
So far, in 2024, we have seen 60% of our clients change Medicare Part D plans in 2025 to save, on average, $2,446 in 2025. That is a HUGE savings.
Secret #2: Understand what plans can or cannot be changed
As I stated above, the plans people CAN change during Open Enrollment are their Medicare Advantage or Medicare Part D plans.
The one thing you are not guaranteed to change in most states is Medicare supplement plans, also called your Medigap plan.
Medicare supplement plans have unique rules in most states, such that you are not guaranteed to be able to join any Medicare supplement plan outside of your six-month guaranteed issuance period. This period begins when you turn 65. Outside of this window, companies ask for your pre-existing health conditions through what they call medical underwriting. With medical underwriting, you can be denied coverage.
Please DO NOT assume you can change your Medicare supplement plan during this annual review period. It doesn’t usually happen.
Additionally, people ask about changing dental & vision plans, which you can do, but it’s unrelated to Medicare or Medicare’s Open Enrollment.
Secret #3: How to find the best plan
At the Medicare Coach, we provide our clients with an Annual Review to ensure they are in the best plans. At a high level, I want to walk you through how to find the best plan for your unique needs.
There are four steps to finding your Part D plan:
1. Gather your information.
- What are your medications? Are they generics or name brands?
- What are your dosages and refill frequency of these medications?
- What pharmacies do you prefer? Will you change to save money?
These answers will drive your research.
2. Complete your research.
- Option 1: Go directly to Part D companies & sift through all of their plan details.
- Option 2: Go directly through Medicare.gov.
Typically, Option 2 is what we recommend, then confirming their information directly on the Part D company website.
3. Tweak your research to find the best plan to save money.
4. Enroll yourself by December 7th in the new Part D plan.
Be sure to SAVE your Part D enrollment application AND confirmation number.
By saving that enrollment verification message that you get the confirmation number, you can go back and prove enrollment if you run into any issues.
There are four steps to finding your Medicare Advantage plan:
1. Gather your information.
- What are your medications? Are they generics or name brands?
- What are your dosages and refill frequency of these medications?
- What pharmacies do you prefer? Will you change to save money?
- What doctors do you see?
- What treatments are you receiving, or what types do you want to be covered?
- Are you having any upcoming surgeries or procedures you need to have covered?
These answers will drive your research.
2. Complete your research.
- Option 1: Go directly to Advantage companies & sift through all of their plan details.
- Option 2: Go directly through Medicare.gov.
Again, Medicare.gov is an excellent place to start, and head to the company’s main website to ensure correct details.
Ensure you use your details from above to ensure your doctors, treatments, surgeries, etc., are covered by your chosen plan.
Lastly, look at the details and understand the implications of the co-pays, the deductibles, the out-of-pocket costs, and all the fine print that will impact what you ultimately pay for Medicare.
3. Tweak your research to find the best plan to save money.
4. Enroll yourself by December 7th in the new Part D plan.
Be sure to SAVE your Part D enrollment application AND confirmation number.
BEWARE of Medicare Advertisements
Open Enrollment is a highly advertised time for Medicare Advantage plans, and unfortunately, many people fall for them.
IMPORTANT: if you switch from a Medigap/Supplement plan to Medicare Advantage, please be mindful that the likelihood of switching back is slim to none.
I recently got a call from a gentleman named Bruce. He said he was on a Medicare supplement plan but fell for a Medicare advertisement and was sold a Medicare Advantage plan to save him money. He said it was costing him over $2,000 a month and draining his account. Unfortunately, due to insurability rules, I can no longer get Bruce back into a Medicare Supplement.
Please be thoughtful about the changes that you are making in this period. Be thoughtful to do what’s ultimately right and best for you.
Get Unbiased Medicare Guidance
The Medicare Coach is not associated with any insurance company, agent, or broker. This means we are completely independent and do not make commissions off recommended plans.
We offer a free online Medicare workshop that has helped over 150,000 people easily make their RIGHT Medicare decision.
To get help with your Medicare decision, you can register for my next free online Medicare workshop by going here: https://join.themedicarecoach.com/free-workshop
