Medicare Open Enrollment 2027: Don’t Let These 5 Mistakes Cost You

Ah, fall. There’s nothing like changing leaves, football Sundays, and pumpkin spice at every turn (whether that’s a good thing or not is up to you). But fall is also an important time for Medicare enrollees, since it’s when the program’s open enrollment period begins. Each year from October 15 through December 7, people who already have Medicare can review their coverage and make changes for the upcoming calendar year. Changes made during this year’s open enrollment, for example, will generally take effect January 1, 2027.

The annual open enrollment period gives Medicare beneficiaries an opportunity to switch between original Medicare and Medicare Advantage, change Medicare Advantage plans, or join, drop, or switch Medicare Part D prescription drug coverage. In other words, there are lots of options coming up. Here are some things to know about Medicare open enrollment, especially if you’re new to it.

Read: What doctors want you to know before changing Medicare plans during open enrollment

1. Sticking with your current plan isn’t automatically the best choice

You may be inclined to stick to your current Medicare plan if it seems to be serving your needs. But before making that call, do a couple of things. First, review your plan’s annual notice of change. And if you don’t have it or you threw it out accidentally, contact your plan administrator for a copy.

That notice might contain a few surprises — and not the good kind. You may find out your go-to specialists are no longer in your plan’s network, or that your premiums or deductibles may be increasing. Understand what changes you’re looking at for 2027. Next, review your plan choices. Even if your current plan isn’t changing so much for the worse, there may be a better option available for you. It’s worth taking the time to look.

2. Reviewing your prescription list is a must-do

The prescriptions you take will have a huge impact on your overall healthcare costs. And remember, plan formularies can change from year to year, so a medication that came with a minimal copay in 2026 could have a much higher one in 2027.

Make a list of every prescription you take along with your dosages. You can plug that information into Medicare’s plan finder to review different options.

3. Comparing total costs is key

When you look for new Medicare plans, you may be drawn to those with the lowest premiums. And yes, there are some $0 premium Part D and Advantage plans out there.

But a $0 premium doesn’t mean no-cost coverage. You’ll need to compare deductibles, copays, coinsurance, and annual out-of-pocket limits, especially if you expect to use your plan frequently. You may find that a $0 premium plan isn’t the cheapest option when you add up the total out-of-pocket costs.

4. Moving off of Medicare Advantage may be more complicated than you’d think

Medicare Advantage plans commonly offer $0 premiums and added benefits beyond what original Medicare covers. In spite of that, these plans can be a hassle.

It’s common for Medicare Advantage plans to require prior authorization for procedures or diagnostic tests that aren’t routine. That often results in delays in care, time spent chasing down approvals, and in some cases, rejected requests.

If you’re tired of that routine, dumping Medicare Advantage for original Medicare might seem appealing. But before you do, remember that you’ll need to buy a separate Part D drug plan to have prescription coverage under original Medicare. You might also need a Medigap plan, or supplemental insurance, to reduce your total out-of-pocket costs. And that’s where another layer of complication comes in.

While you’re certainly allowed to buy a Medigap plan after switching to original Medicare, you could be denied coverage under certain circumstances. You might also be looking at higher costs than expected. Also know that if you’re switching to original Medicare during open enrollment, you may only have a 63-day window to apply for Medigap after dumping your Medicare Advantage plan. Make sure to get your timing right.

5. Waiting until the last minute won’t serve you well

If you’re a bit of a procrastinator by nature, especially when it comes to financial decisions, you’re not alone. How many of us routinely wait until April 12th or 13th to gather tax documents instead of starting earlier?

But when it comes to Medicare open enrollment, you really don’t want to wait until late November or early December to start reviewing your plan choices. Navigating those options can be complex. And as mentioned above, there could be a lot of number-crunching involved.

Starting the process early gives you a chance to review your coverage options calmly without having to rush. And given that it’s your health and money on the line, that’s an important thing.

This story written for TheStreet by Nifty 50+

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