Here’s what could happen if you suspend open enrollment for Medicare this year

The great thing about the month of October is that it is full of fun fall activities. You can hike a local hiking trail and enjoy the beautiful changing color of the leaves. You can visit a haunted house with your grandchildren or, if that doesn’t appeal to you, spend a less spooky afternoon in the pumpkin patch.

On the other hand, navigating the Medicare open enrollment period might not exactly land on your list of fun fall activities. But it should be at the top of your list of fall priorities.

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An opportunity you shouldn’t miss

There is no rule that says existing Medicare members must participate in the fall open enrollment, which runs from October 15th to December 7th each year. If you are satisfied with your existing Medicare coverage, you may choose to suspend open enrollment and remain with your existing Advantage or Part D drug plan. But whether this is a strategic decision is another story.

If you do not review your plan selections during open enrollment and maintain your existing Medicare coverage, a few things can happen. First, in many ways you could pay more for health care.

Suppose there is a Part D plan that offers comparable coverage to your current plan at a lower cost. If you don’t do your research, you won’t find out about it and will continue to pay higher premiums when you don’t have to.

Likewise, there may be a Part D plan that moves your current medications to a more affordable tier. The result could be a lower copayment each time a prescription is renewed.

If you don’t explore your plan options during open enrollment, you may miss the chance to continue visiting the providers you trust. And that could make it harder to get the care you need.

It is not uncommon for Medicare Advantage providers to transition from in-network to out-of-network status from one year to the next. If that happens and you don’t switch plans, you risk losing access to the doctors who know your medical history and how to provide you with the best care.

Don’t make a big mistake

Spending hours comparing Medicare plans might not make fall a fun experience. But it’s important to do this, especially if you’re on a fixed income and have struggled with health care expenses in recent years.

One way to make open enrollment more enjoyable is to start it early. You have more than seven weeks to make changes to your Medicare coverage, but waiting until November or December to get the ball rolling adds pressure. Start in mid-October when open enrollment begins.

Next, learn how Medicare’s plan finder tool works. In short, you enter personal information, including your medications and your zip code, and you’re presented with a ton of choices. From there, you can use Medicare’s star rating system to get a sense of how satisfied current enrollees are with their respective plans.

Generally, a plan with a five-star rating is considered excellent, while a rating below three stars means you may want to proceed with caution. You shouldn’t only Rely on star ratings when choosing a Medicare plan, but these ratings can help you narrow down your choices.

You may decide, after researching your Medicare insurance options, that it’s best to stick with the plan you currently have. And that’s okay. However, if you sit out open enrollment, you won’t know which plan is best for you. And that could lead to unfavorable consequences in the new year.

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