Save Money on Medicare
If you have a Medicare Part D prescription-drug plan or a Medicare Advantage plan (which combines medical and drug coverage), you have an opportunity to switch plans every year during open enrollment, which runs from October 15 to December 7.
Many people put their Medicare Advantage and Part D plans on autopilot, although the choice of plans, costs and coverage, as well as your health care needs, can change from year to year. Sticking with the status quo could be a costly mistake in the coming year, because there have been major changes in benefits and coverage.
"Individuals are going to have to be much more conscious about their health care needs when they choose a plan for 2019," says Tatiana Fassieux, of California Health Advocates, which runs the state's Medicare counseling program. More insurers are offering plans with low premiums, but there are trade-offs, such as higher co-payments for drugs or smaller provider networks. If you're healthy, these plans could save you money. But a low-premium plan could end up costing you more if you have expensive medications or a lot of health care needs.
