Medicare Open Enrollment: Should You Change Your Coverage?
Medicare's Annual Open Enrollment Period runs October 15 through December 7 every year, and it's easy to let it pass without a second look — especially if nothing about your health has obviously changed. That's exactly the assumption worth testing.
A scenario that's more common than people expect
Say you've been in the same Medicare Advantage plan for three years, and it's worked fine. Then your cardiologist — the one you've seen for a decade — leaves your plan's network, or your plan's Annual Notice of Change quietly moves one of your regular prescriptions to a higher cost tier. Nothing about your health changed. Everything about whether your plan still fits, did. Plans update their provider networks and drug formularies every year, often without much notice beyond that Annual Notice of Change document — which is worth actually reading when it arrives, not filing away.
Matching the decision to your starting point
The right move depends on where you're starting. If you're in Original Medicare, you can elect a Medicare Advantage plan during this window. If you're already in Medicare Advantage, you can switch to a different one, add or drop Part D drug coverage, or move back to Original Medicare — and if you do choose Medicare Advantage, there's a second, narrower correction window from January 1 through March 31 for a limited set of changes. If you're on a Medicare Supplement (Medigap) plan, you technically have the flexibility to change at any time, but outside of specific protected periods, you can be medically underwritten and denied — which makes a Medigap change a very different risk decision than an Advantage or Part D change, and not one to make casually.
The distinction that costs people money
If you're turning 65 this year, don't confuse Open Enrollment with your Initial Enrollment Period — they are not the same thing. Your initial window is seven months: three months before your birthday month, your birthday month, and three months after. Enroll in the wrong window, or assume you have longer than you do because you're still covered under an employer plan, and you can trigger a late-enrollment penalty for Part B or Part D that follows you for the rest of your time on Medicare — not a one-time fee, a permanent addition to your premium.
The takeaway
This isn't about finding the cheapest premium on paper. It's about pressure-testing three things before December 7th: do your costs still make sense, do your providers and prescriptions still fit the network and formulary, and has anything about your own health needs shifted since last year. If the answer to any of those is "I'm not sure," that uncertainty is the reason to look — not a reason to assume last year's plan is still this year's right answer.
This article is for informational purposes only and not tax advice. Always consult your tax preparer for guidance specific to your situation.
LynnLeigh & Company - A Registered Investment Advisor This information is provided by LynnLeigh & Co. for general information and educational purposes based upon publicly available information from sources believed to be reliable – LynnLeigh & Co. advisors cannot assure the accuracy or completeness of these materials. The information presented here is not specific to any individual’s personal circumstances. To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances. The information in these materials may change at any time and without notice. Past performance is not a guarantee of future returns.
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