Open enrollment for Medicare begins soon. This way you save money without sacrificing insurance coverage

When it comes to your health insurance coverage, it’s worth researching your options and comparison shopping, as you may be able to save money by carrying out a comprehensive review that will ensure your health insurance coverage.

For those on Medicare — the largest public health program in the U.S., covering 67 million people age 65 and older and younger adults with long-term disabilities — open enrollment is the right time. It runs from Tuesday to December 7th, with new coverage beginning in 2025.

However, according to KFF, formerly known as the Kaiser Family Foundation, nearly seven in 10 Medicare recipients in 2021 have not informed themselves about their options. Medicare plans and programs change, sometimes dramatically. Your health needs may also have changed. (Exploring options during open enrollment is particularly important for Minnesotans in certain Medicare Advantage health plans who face network disruptions and higher out-of-pocket costs next year.)

Key decisions to explore include whether there is a Part D prescription drug plan option that better fits your needs. According to KFF, the average Medicare recipient will have 21 Part D plans to choose from in 2024. These plans can vary significantly in terms of cost and medications covered.

Medicare Advantage plans are popular. These are private health insurance companies that the federal government pays to provide Medicare-covered services as an alternative to traditional Medicare insurance. Medicare Advantage plans offer other benefits such as: B. Eye and dental care or gym memberships. If you use Medicare Advantage, the typical enrollee can choose from 43 plans from eight insurance companies this year. These plans also differ greatly in their details. Open enrollment allows you to switch from traditional Medicare to Medicare Advantage if necessary.

You can also switch from Medicare Advantage to traditional Medicare. Moving typically doesn’t make financial sense because it’s unlikely that you’ll get Medigap insurance at the same attractive rates as when you first became eligible for Medicare.

Medicare offers several online tools, including the comparison shop Medicare Plan Finder. The Minnesota State Health Insurance Assistance Program/Senior LinkAge Line offers free assistance in exploring your options. I highly recommend Philip Moeller’s newly revised and updated book, Get What’s Yours for Medicare: Maximize Your Coverage, Minimize Your Costs. Moeller is well-versed in the nuances of the complex federal health insurance program, and his audience is you, the Medicare consumer.

Chris Farrell is senior business writer at Marketplace; and commentator for Minnesota Public Radio.