What seniors need to think about during the open enrollment period

Open enrollment typically occurs each autumn. Regardless of whether you are eligible for health insurance through your employer, intend to buy it independently on the Marketplace, or are exploring Medicare options, this period presents an opportune moment to evaluate your and your family's coverage requirements. Below are five recommendations that individuals should consider annually in preparation for or during the open enrollment period.

Evaluate your requirements. Approach this process similarly to how you would when formulating a budget. Estimate potential expenses by reflecting on the following questions: How frequently do you usually visit the doctor? Do you have any ongoing health issues? What medications are you currently prescribed? Are you expecting to undergo any dental treatments or medical surgeries in the coming year? While it is impossible to predict every eventuality, this serves as a solid foundation for your assessment.

Adopt a proactive strategy. Rather than passively keeping your existing plan, make a deliberate decision each year. Evaluate whether your current plan continues to meet your requirements, particularly compare plans directly. Additionally, if both you and your spouse have available options, conduct a thorough assessment for each person.

Examine the specifics of the plan. While the content may seem uninteresting, there is significant value in thoroughly reviewing the detailed information provided. These documents are not merely intended for disposal; rather, they are designed to assist you in understanding the offerings, identifying changes, and making comparisons.

Assess, analyze, and avoid delaying your actions. Do not postpone until the last minute. If you have questions regarding coverage or particular providers, reach out early. Allow yourself additional time to enroll in case you face technological issues. Once you have made your selections, verify that all details are accurate. Taking the time to evaluate in advance and subsequently reviewing your choices are essential steps to undertake.

In situations of uncertainty, it is advisable to consult with a professional. For individuals aged 65 and older, when evaluating options related to Medicare or Medicare Advantage, it is prudent to engage with a licensed agent. It is beneficial to seek guidance from someone knowledgeable in this area who can elucidate important aspects regarding medical and prescription drug coverage. This advice is also valuable for those acting as power of attorney for a relative.

Medicare's annual Open Enrollment Period for seniors runs from October 15 to December 7, allowing beneficiaries to review and make changes to their Medicare health plans and prescription drug coverage, with changes taking effect on January 1st. Take the above advice to do things like switch from original Medicare to a Medicare Advantage plan (or vice versa), change from one Medicare Advantage plan to another, join, switch, or drop Medicare Part D prescription drug coverage, or move between Part D prescription drug plans.