It is beneficial to get the ball rolling in advance.
Medical costs could skyrocket as ACA subsidies expire
Millions are at risk of skyrocketing health costs in 2026 if Congress fails to extend health care subsidies.
This time of year, many people are busy enjoying summer travel, going to the beach, and attending or hosting barbecues. Medicare open enrollment doesn’t start until mid-October, so you might not pay much attention to it.
However, it’s important to prepare for Medicare Open Enrollment in advance so you can make the most of it and reduce stress. Public registration will run from October 15th to December 7th. It may sound like a long time, but it tends to coincide with busy times of the year. So the more you can plan ahead, the better.
Here are three smart moves to make this month so you’re ready to review your Medicare plan choices in the fall.
1. Check the need for a prescription
You’re probably taking at least one prescription medication. Additionally, some retirees take multiple prescriptions. Now is the time to make a list of your medications, dosages, and refill schedules.
Even if your prescription remains the same for years, your Medicare drug plan formulary can change every year. It’s important to have a complete list of prescriptions, as medications covered this year may move up to higher tiers and cost more in 2027. Also, if you end up prescribed a new one between now and mid-October, you can just add it on rather than prescribing it from scratch.
2. Make a list of plan pros and cons
Some people stick with the same Medicare plan year after year because it’s familiar and convenient. But that doesn’t mean your plan is optimal.
Whether you have Medicare Advantage or a Part D drug plan, now is the time to make a list of what works and what doesn’t for you. This should give you a better starting point to consider your options during the fall.
If you have Medicare Advantage, you may not like the limited provider network. If you have a Part D plan, you may not like the out-of-pocket costs for certain drugs. These are complaints that can be addressed with a separate Medicare plan, so it’s a good idea to write them down clearly.
3. Discuss future changes in care with your health care provider.
If your doctor mentions starting a new medication or treatment, it’s a good time to revisit that conversation. It could help you make a more guided decision about which Medicare plan to choose next year.
If your doctor plans to stop a certain drug and replace it with another, that can directly impact your Part D selection. Also, if your doctor determines that you could benefit from a gym membership or meal delivery service to manage a medical condition you have, you may want to find a Medicare Advantage plan that offers those benefits.
Medicare open enrollment is months away, but preparing now can make the process of considering your coverage options less stressful. Therefore, even in the middle of summer, it is worth taking a little time to do the above initiatives.
The Motley Fool has a disclosure policy.
The Motley Fool is a USA TODAY content partner providing financial news, analysis and commentary designed to help people take control of their financial lives. Its content is produced independently of USA TODAY.
