Most people who are in Medicare should review their coverage at the start of Medicare’s annual open enrollment period (OEP). In 2011, the OEP is from October 15 to December 7. Previously, the OEP was from November 15 through December 31 each year so Medicare enrollees should be aware of the change.
During the OEP, seniors can move to and from original Medicare and Medicare Advantage. They also can make changes in Medicare Supplement ("Medigap") policies and Medicare Part D drug plans. Plans and policies change from year to year so it makes sense to reconsider all the options.
For example, Medicare enrollees often can save significant amounts by switching to the lowest-cost Part D plan for their specific prescription medications. Many seniors choose a Part D plan just because it has low premiums. Instead, it’s better to choose a high-premium Part D plan if it has the lowest annual cost for the drugs you’ll buy.
Going forward, enrollees should shop around during the OEP and choose a Part D plan that is the lowest-cost plan for the drugs they use. Some seniors change the drugs they take, from one year to the next, and some Part D plans changed the drugs they cover. One study found that only 6% of the people in Part D plans were in the lowest-cost plan for the drugs that they take; the other 94% pay an average of $520 a year more than they could have paid.
