Medicare Open Enrollment Began October 15th
Medicare Open Enrollment Starts Now: Things to Know
Open Enrollment is here! From October 15 to December 7, 2026, you can review your Medicare coverage and make changes for next year. Any changes you make start January 1, 2027.
Happy with your plan? It will usually renew on its own. But some plans can change their costs and benefits every year, and those changes also take effect January 1. A quick check-up now can save you money and surprises later.
What you can change
Switch from Original Medicare to Medicare Advantage, or the other way around
Switch from one Medicare Advantage plan to another
Switch Medicare Supplements (Medigap)
Switch a prescription drug plan (Part D)
How Do I Review My Plan?
For those on an Advantage Plan and/or standalone part D, check your plan's Annual Notice of Change (ANOC). Your plan should have mailed this to you by September 30. It shows what's changing next year, such as costs, coverages, and which doctors are in network. By October 15, you should also get an Evidence of Coverage, which explains what the plan covers in total. Think of the ANOC as showing you what is changing and the Evidence of Coverage providing full details on your coverage. If either one doesn't arrive, call your plan.
For Original Medicare and Medicare Supplements, these plans are standardized and thus do not send notices. Be aware though, you will still want to review any premium changes and deductible changes (for Original Medicare).
Things to Consider While Reviewing
Are you happy with your coverage and care?
Are your costs higher than you'd like?
Are your doctors, pharmacy, and prescriptions still covered?
Has your health changed, or do you expect to need more care next year?
Highlights for 2027
Part D out of pocket costs are capped at $2,400 for covered Part D drugs. The old "donut hole" is gone for good.
Part D insulin stays affordable with covered insulin costing no more than $35 for a month's supply.
Part D continues to offer The Medicare Prescription Payment Plan which lets you spread your drug costs over the year instead of paying all at once. It won't lower your total cost, but it can make budgeting easier.
Expanded pathway for weight-loss drug coverage continues through end of 2027. People who qualify can get coverage for certain GLP-1 drugs through the Medicare GLP-1 Bridge program.
Telehealth continues. You can keep seeing your doctor by video from home through December 31, 2027.
Things to know for 2027
In a Medicare Advantage plan? Some insurers are trimming extra benefits (like dental, vision, or gym perks) or leaving certain areas entirely for 2027. Double-check that your plan and doctors are still in place and right for you. If you change your mind after January 1, you get one more chance to switch plans or return to Original Medicare by March 31.
Thinking about going back to Original Medicare? Changing from an Advantage Plan to Original Medicare does not guarantee coverage for a Supplement (Medigap). There are exceptions you may qualify for (including different rules for different states) but if not, consider your existing health before changing away from an Advantage Plan to make sure you have complete coverage.
Thinking about changing Supplements (Medigap policies)? Same thing above applies here: coverage may not be guaranteed. There are exceptions here as well including different rules for different states.
Watch out for scams. Guard your Medicare number and check your statements for services you didn't receive. Medicare won't call you out of the blue to sell you a plan.
Resources!
Medicare can feel overwhelming, but you don't have to figure it out alone. These free services can help you understand your Medicare choices:
Medicare: Compare plans, check coverage, and get answers. Call 1-800-MEDICARE (1-800-633-4227) or visit Medicare.gov. Use the Medicare Plan Finder to specifically compare coverage options for Advantage Plans and Part D in your area. Medicare.gov/plan-compare.
SHIP (State Health Insurance Assistance Program): Find the provider for your state and get free, unbiased counseling on Medicare plans.
Contact your existing private insurance provider for information on your Advantage Plan and/or Part D coverage.
These resources can also help guide you to make a change if needed.
It’s understandable that this can be a difficult and stressful decision. If you have questions, please reach out for assistance and get started early. Medicare is complicated so give yourself the time necessary to make a fully informed decision.
John Matto
Portfolio Administrator
Find out more about John on his profile page here! Be sure to listen to his episode on Finance in a Flash to hear how John spends his time away from work, including being a professional soccer referee!