The time has come for seniors to evaluate their healthcare needs for 2025. With 2024 coming to a close, the need to enroll in next year’s Medicare plan is becoming more urgent. The good news is that the open enrollment period is open now and will go on until December 7, the bad news is that there is a lot to do before that day.
With a little less than two months before beneficiaries have to commit to the plan they would like to enroll in for next year, seniors will have to take stock of their current plan offerings, see if it was a good fit for them and figure out what options they will have available for next year. It makes no sense to pay for more coverage than you need, but you also do not want to be scrambling for treatment should you need it. Any changes you make to your coverage during this time will go into effect on Jan. 1, 2025, so the current plan you are on will have to suffice for the last trimester of the year.
Not everyone who will be able to benefit from Medicare needs to abide by the open enrollment period. In fact, some beneficiaries will have their chance to pick a plan later in the year. Open enrollment is for those who are currently enrolled in Medicare, either through an original Medicare plan or through a private Medicare Advantage plan, or who is already eligible for Medicare but is not enrolled in the program for whatever reason.
Given that Medicare enrollment kicks in three months before you turn 65 and ends three months after your birthday, some possible beneficiaries fall through the cracks every year and open enrollment period becomes the time to ensure coverage for the year to come, having been without coverage for a few months.
Although not all Medicare recipients are over 65 (some people with disabilities can qualify for the program), roughly 67 million participants in the program are elderly and make up the majority of beneficiaries. This is why most of the Medicare advantage programs available cater to them specifically and why the open enrollment period is so important.
Having said that, experts have found that not many beneficiaries are using wisely this open enrollment period to weigh their options, instead, they are choosing to blindly renew their plan without looking at any other options. By not being smart about your coverage, you are doing yourself a disservice. Each plan offers unique options that could fit your specific lifestyle and coverage needs. Not everyone will need every option for care available, while some may need more support, and those differences will definitely impact your wallet in different ways. Tailoring your coverage to your individual needs is key.
How to enroll in the correct Medicare Advantage Plan
To make reviewing your Medicare options easier, Medicare’s website has a “Compare Plans in Your Area” tool which lets you pick the coverage year, like 2025 for this open enrollment, and input your ZIP code to check available plans nearby. You can then compare and contrast these plans and their cost to pick the one that better fits your needs and your expenses.
Once you have chosen the plan that suits your needs, there are three ways you can sign up. If you’re browsing with Medicare’s online tool, just hit “Enroll” for the plan you want. You can also call the company offering the plan or fill out a paper form and mail it. For some of the plans, you might also be able to reach out directly to the provider or their enrollment centers to sign up. Regardless of how you sign up, make sure that you do so before the open enrollment period ends, because if you do not chose an option, the program will automatically enroll you in the original Medicare (Part A and Part B) plan.
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