Open enrollment for Medicare plans starts later this week, with some seniors expected to pay more for the federal healthcare program next year.
The Medicare open enrollment period starts Thursday and runs until Dec. 7. It is the only opportunity that Medicare beneficiaries get to change their plans and comes as premiums are expected to rise for certain seniors.
Even though re-enrollment happens automatically, some Medicare plans change their costs and benefits every year. That makes reviewing a plan incredibly important, according to senior advocacy group AARP.
Insurers had to give seniors information on plan changes by the end of last month, the group said.
“Some people have saved hundreds of dollars just by changing to a different plan. For someone on a fixed monthly income, this can be a huge relief,” said Leigh Purvis, director of health services research for AARP’s Public Policy Institute.
The open enrollment period allows a senior to switch from a traditional Medicare plan to a Medicare Advantage plan, which is a private plan. Enrollees also can change their stand-alone Medicare Part D prescription drug plan or drop Part D coverage.
Open enrollment comes as some seniors will face stiff premium increases next year.
About 15 million Medicare beneficiaries could find spikes in their monthly premiums next year due to a little-known federal policy.
In addition, a recent analysis found that 10 of the most popular Medicare Part D prescription drug plans will have an average increase of about 8 percent next year.
