Medicare Open Enrollment: 5 Mistakes That Could Cost You Thousands

Medicare Open Enrollment runs October 15 through December 7 every year. Most people do not review their coverage and most who do make at least one of these costly mistakes. Here is what to avoid.

Mistake #1: Assuming Your Current Plan Is Still Fine

Your plan changes every year. Premiums go up. Drug formularies change. Networks shift. A plan that was perfect in 2024 might be a poor fit in 2025.

Always review your Annual Notice of Changes. It arrives in September. Read it.

Mistake #2: Shopping Plans by Premium Alone

The $0 premium plan is not always the cheapest overall. Low premiums often mean higher deductibles and more out-of-pocket costs. Look at the total cost of care: premiums plus deductibles plus copays plus out-of-pocket max.

Mistake #3: Not Checking Your Prescription Drug Coverage

If your medications changed this year, you could be paying way too much. Before enrolling, check the new plan drug formulary against your medication list.

Mistake #4: Ignoring the Star Ratings

Medicare uses a 1-5 star rating system. Plans rated 4+ stars tend to have better customer service and fewer complaints. Free information — use it.

Mistake #5: Waiting Until December

Wait until the last week and you might miss your effective date and be stuck with the wrong plan for another year.

The fix: Block out 2 hours in October or November. Or just call me — that is literally what I do, at no cost to you.