Every fall, Medicare's Open Enrollment period gives beneficiaries a chance to review their coverage and make changes for the year ahead. It's a relatively short window, but the decisions made during it can affect your health care costs and coverage for the following twelve months — which is why we encourage clients to treat it as part of their overall financial planning, not just a health care errand.
When Open Enrollment Happens
Medicare Open Enrollment typically runs from October 15 through December 7 each year, with changes taking effect January 1. [VERIFY current-year dates] This is different from the separate enrollment periods that apply when you first become eligible for Medicare or if you're delaying enrollment because of employer coverage — those have their own timelines and rules.
What You Can Change During This Window
• Switch between Original Medicare and a Medicare Advantage plan
• Switch from one Medicare Advantage plan to another
• Switch from one Part D prescription drug plan to another
• Add, drop, or change prescription drug coverage
Why It's Worth Reviewing Every Year — Even If You're Happy With Your Plan
• Plans change annually. Premiums, deductibles, covered medications, and provider networks can all shift from one year to the next, even if you don't make any changes yourself. A plan that fit well last year isn't guaranteed to be the best fit going forward.
• Prescription needs change. If your medications have changed over the past year, it's worth checking whether your current Part D plan still offers the best coverage for what you're actually taking now.
How This Connects to Your Broader Financial Picture
• Income-Related Monthly Adjustment Amounts (IRMAA). Higher-income beneficiaries pay more for Medicare Part B and Part D, based on income from two years prior. This is one more reason why the timing of Roth conversions, capital gains, and other income-generating decisions can matter well beyond the tax return itself. [VERIFY current IRMAA thresholds]
• HSA coordination. Once you enroll in any part of Medicare, you can no longer contribute to a Health Savings Account. If you're still working and have an HSA, the timing of your Medicare enrollment is worth coordinating carefully.
• Coordinating with other coverage. If you or a spouse has employer coverage, retiree coverage, or COBRA, it's worth confirming how that interacts with Medicare enrollment timing to avoid gaps or late-enrollment penalties.
Bottom Line
Open Enrollment is a relatively narrow window, but it's an important one. Reviewing your coverage annually — and thinking about how it fits into your broader retirement income and tax picture — can help you avoid surprises and make sure you're not paying for coverage that no longer fits your needs. If you'd like to talk through your options before the window opens, we're happy to help.
This material is for informational purposes only and is not intended as insurance, tax, or legal advice. Medicare coverage decisions should be made in consultation with a licensed insurance professional and Medicare.gov.