Pure’s Financial Advisor, Robert Lucente, CFP®, CFA, CAIA, simplifies Medicare Open Enrollment with 7 steps that can help you save real money and prevent unwanted surprises in January.
Transcript
Medicare Open Enrollment runs from October 15th to December 7th, and during that window, you can make changes to your coverage for the following year.1 The good news is that you don’t need to overhaul your plan every year — you just need to check these few things.
Step one: check your mail for the Annual Notice of Change. If you have a Medicare Advantage plan or a Part D prescription drug plan, your insurer is required to send you this notice before Open Enrollment starts.1 It outlines any changes to your premium, deductible, coverage, or provider network for next year. This is the single most important document in the whole process, so don’t set it aside.
Step two: review your prescription drug list. Even if your plan didn’t change, drug formularies do. A medication that was covered last year might move to a higher tier, or require a new prior authorization. Pull out your current prescription list and compare it against next year’s formulary, which your plan should make available online or by request.
Step three: confirm your doctors are still in network. Provider networks shift year to year, especially with Medicare Advantage plans. If you have a doctor or specialist you don’t want to lose, check the plan’s provider directory directly rather than relying on last year’s list.
Step four: look at your total costs, not just the premium. A lower monthly premium doesn’t always mean lower costs overall. Look at the deductible, copays, and out-of-pocket maximum together. Someone who visits specialists frequently may come out ahead with a slightly higher premium and lower cost-sharing.
Step five: decide if you need to make a change at all. If your current plan still covers your medications, your doctors are still in network, and the costs are reasonable, you may not need to do anything. Open Enrollment is a chance to review, not an obligation to switch.
Step six: if you do want to compare plans, use Medicare.gov’s Plan Finder. It lets you enter your specific medications and pharmacy to see real cost estimates across plans available in your area, rather than relying on a general sales pitch.
Step seven: know the deadline. Any changes you make during Open Enrollment take effect January 1st. If you miss the December 7th deadline, you’re generally locked into your current plan for another year, with limited exceptions.2
Medicare Open Enrollment doesn’t have to be complicated. A little bit of review each fall can save you real money and prevent surprises come January. For more information, check out our Medicare Check-up Guide to learn about the basics, qualifications, costs, and more.
If you have questions about how your Medicare choices fit into your broader retirement plan, that’s exactly the kind of conversation we’re here to have with you. Take advantage of a free assessment today and we’ll take a dedicated look at your situation together.
Sources:
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Centers for Medicare & Medicaid Services. “Medicare Open Enrollment.” March 4, 2026.
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Medicareresources.org. “What happens if you miss Medicare open enrollment?” December 3, 2025.
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