Making the most of Medicare open enrollment

Long version

When you turn 65, Medicare becomes a vital part of your health care coverage. But Medicare isn't a "set it and forget it" program. In fact, you have the opportunity to review and adjust your coverage every year.

The annual Medicare Open Enrollment period, which runs from Oct. 15 through Dec. 7 each year, is your chance to take a fresh look at your health care needs and ensure your Medicare plan still fits your life. Changes made during this period generally take effect Jan. 1 of the following year.

Just as your health can change from year to year, Medicare plans can change, too. Insurance companies may adjust their coverage and costs or even discontinue certain plans. If you take no action during open enrollment, you'll generally remain in your current plan if it's still available. That's why it's worth reviewing your options each year. You may find coverage that better meets your needs or lowers your costs.

You have several options when it comes to Medicare coverage:

  • Original Medicare (Parts A and B) covers hospital stays and medical services such as doctor visits. Part A typically comes with no monthly premium if you've worked for at least 10 years. Part B requires a monthly premium, with higher-income beneficiaries paying additional amounts based on income. Part B also includes an annual deductible and cost-sharing requirements, with Medicare typically announcing updated amounts for the coming year in November.
  • Medicare Advantage (Part C) offers an all-in-one alternative to Original Medicare through private insurance companies. Many plans bundle Part A, Part B, and usually Part D while including additional benefits like vision and dental coverage.
  • Medicare Part D provides standalone prescription drug coverage for those who stay with Original Medicare. In 2027, Part D plans include a $2,400 annual cap on out-of-pocket spending for covered prescription medications, although covered drugs vary by plan.
  • Medicare Supplement (Medigap) policies help cover certain out-of-pocket costs that Original Medicare doesn't pay.

When evaluating Medicare plans, consider these factors:

  • Out-of-pocket costs, including premiums, deductibles, copayments and other expenses not covered by Medicare.
  • Prescription drug coverage. Although Part D plans include a $2,400 cap on out-of-pocket spending for covered drugs in 2027, the medications covered by each plan can vary. Make sure your prescriptions are included.
  • Provider access. Make sure your doctors and hospitals are covered by the plan.
  • Your anticipated health care needs. If you expect ongoing treatment, specialist care or planned procedures, make sure your plan provides appropriate coverage.
  • Travel considerations. Frequent travelers may want supplemental coverage for emergencies outside the U.S.

Even if you're satisfied with your current coverage, don't assume next year's plan will look exactly the same. Costs, provider networks and the medications covered by a plan can change from year to year, making a quick annual review worthwhile.

Don't let your Medicare plan run on autopilot. Take advantage of the annual open enrollment period between Oct. 15 and Dec. 7 to help ensure your coverage continues to meet your needs in the year ahead.

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This article was written by Edward Jones for use by your local Edward Jones Financial Advisor.

Edward Jones, Member SIPC

Number of words: 503

Short version (radio/print)

PSA: When you turn 65, Medicare becomes a vital part of your health care coverage. But Medicare isn’t a “set and forget” program.

TBA: Oct. 19, 2026

You have the opportunity — and often the need — to review and adjust your coverage every year during the annual open enrollment, between Oct. 15 and Dec. 7. Here are some things to consider:

  • Out-of-pocket costs such as monthly premiums, deductibles, copayments and other expenses that Medicare doesn't cover: Sometimes a plan with a higher premium saves money overall because of lower deductibles and copays.
  • Prescription drug coverage: Verify that your medications are included.
  • Provider access. Make sure your doctors and hospitals are covered by the plan.
  • Your health care needs for the coming year: Does your potential plan cover the care you expect to need?
  • And travel plans: Frequent travelers might want supplemental coverage for overseas medical emergencies not covered by Medicare.

So, take advantage of Medicare's annual open enrollment to ensure the coverage you choose meets your needs.

This content was provided by Edward Jones for use by (FA’s NAME), your Edward Jones financial advisor at (Branch address or phone#). Member SIPC.

Words: 161 (before name, address and disclosure)