How to Make Retirement Savings Last Your Lifetime

You can change plans during Medicare’s next open enrollment period, which runs from Oct. 15 through Dec. 7. Even if you don’t intend to switch, it’s important to review your coverage annually because there may be cost and benefit changes.

Say you have original Medicare (Part A for hospitals and Part B for doctors) but also buy a Medigap plan (supplemental coverage that helps pay the 20 percent of costs not covered by original Medicare) and a prescription drug plan (Part D). You can change into new Medigap or Part D plans that better suit your need for coverage or your ability to afford them.

If you have new prescriptions or your insurer changed the cost and level of coverage, you could save money by switching Part D plans. As for Medigap, most states offer at least 10 plan options.

But while original Medicare plus Medigap plans may offer the most robust coverage in the event you have a chronic health problem, the cost can be high. Medigap plans can run about $200 a month. So consider an all-in-one Medicare Advantage plan. After all, the premiums for Medicare Advantage can be low or even zero, and the plans cap out-of-pocket costs. But make sure you understand the limits of these plans, which typically restrict you to a network of providers and hospitals. By contrast, original Medicare gives you access to any provider that takes Medicare.

If you’re already in a Medicare Advantage plan and you aren’t happy with it, you can switch to another Advantage plan. (There’s also a separate Medicare Advantage enrollment period, which runs from Jan. 1 through March 31.) Again, be sure to check the available providers and coverage rules because they vary.

What if you’re in a Medicare Advantage plan and want to switch to original Medicare? Although it’s allowed during the annual open enrollment period, it might not be affordable if you also want to buy a Medigap plan. That’s because your guaranteed right to purchase a Medigap plan is available only at initial enrollment. In most states, if you try to buy a Medigap plan later, you may be denied or could be subject to underwriting, which could raise premium prices.

For more details, go to the plan finder tools at medicare.gov. There’s also a 24-hour helpline at 800-633-4227. And you can get free Medicare counseling through your State Health Insurance Assistance Program.