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Attention, Retirees: A Big Medicare Deadline Is Coming Up

Source The Motley Fool

There are millions of older Americans today who get health coverage through Medicare. But choosing the right coverage is an essential part of not only taking care of your health, but managing your limited retirement income wisely.

Many seniors live mostly on Social Security. And with the average recipient today only collecting about $1,924 per month, it's important to make sure that money goes as far as possible.

Image source: Getty Images.

That's why it pays to take advantage of Medicare's annual open enrollment period. Each fall, seniors on Medicare get to explore different plan options and make changes to their existing coverage.

Medicare open enrollment has been underway since mid-October. And it ends on Dec. 7. This means your window to make a change for 2025 is dwindling. So if you haven't yet started exploring your coverage options, now's the time to get moving.

Who needs a new Medicare plan?

It's not a given that you should switch from your current Medicare plan to a new one during open enrollment. But if these signs apply to you, it could pay to make a change:

Your medication needs have changed
Your medications are getting more expensive under your current plan
Your plan premiums or deductibles are going up
Your plan is dropping some of the benefits it currently offers
Your providers will no longer be in network after the end of the year

And of course another reason to sign up for a new Medicare plan in 2025 is if your current one is ending. If so, your plan should've sent you a notice already.

How to find the right Medicare plan for 2025

Choosing the right Medicare plan can be daunting. But one thing you should know that is Medicare does a pretty good job of laying your options out for you.

Using Medicare's plan finder, you simply enter your zip code and medications, and the site will spit back a list of plan options based on that criteria. You'll be able to see what your costs look like under each plan, and you'll also see what rating is attached to each plan.

Medicare's ratings system couldn't be simpler. Plans are rated from one star to five, with five being the best. Those ratings are based on a number of key categories, including:

Quality of care
Customer service
Patient experience

You should know that Medicare reviews plan performance every year and updates its ratings system accordingly each fall. So when you see that information, you're getting data that's current. That's important, because plans can change over time.

If you procrastinated a bit on open enrollment, the bad news is that it's almost over. The good news, though, is that you still have well over a week to explore your options for Medicare coverage and put a new plan in place for 2025. And if you do the legwork, you may find that healthcare is much more affordable in the new year, and that you're able to easily access the care you need without a hassle.

The $22,924 Social Security bonus most retirees completely overlook

If you're like most Americans, you're a few years (or more) behind on your retirement savings. But a handful of little-known "Social Security secrets" could help ensure a boost in your retirement income. For example: one easy trick could pay you as much as $22,924 more... each year! Once you learn how to maximize your Social Security benefits, we think you could retire confidently with the peace of mind we're all after. Simply click here to discover how to learn more about these strategies.

View the "Social Security secrets" »

The Motley Fool has a disclosure policy.

Disclaimer: For information purposes only. Past performance is not indicative of future results.

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