Medicare's annual Open Enrollment Period (October 15 - December 7) is your opportunity to review your coverage and make changes that could save you money in 2026. Understanding your options and taking action during this window can lead to significant savings on premiums, deductibles, and out-of-pocket costs.
Based on reporting from CBS News
Learn more: CBS News - How to Save on 2026 Medicare Costs
Key Savings Opportunities for 2026
Compare Plan Premiums
Medicare Advantage plan premiums can vary significantly. Some plans offer $0 premiums while still providing comprehensive coverage. During Open Enrollment, review whether switching to a lower-premium plan could save you hundreds of dollars annually without sacrificing the benefits you need.
Review Prescription Drug Coverage
Drug formularies (the list of covered medications) change yearly. Check if your current medications are still covered under your plan for 2026, and compare costs across different plans. Switching to a plan with better coverage for your specific prescriptions could significantly reduce your out-of-pocket drug costs.
Check Provider Networks
Ensure your preferred doctors and hospitals are in-network for 2026. Out-of-network care can be much more expensive. If your providers have changed networks, switching plans during Open Enrollment can help you maintain access to your care team at lower costs.
Understand Out-of-Pocket Maximums
Medicare Advantage plans have annual out-of-pocket maximums that cap your costs. For 2026, compare these limits across plans. If you have ongoing health needs, a plan with a lower out-of-pocket maximum could provide better financial protection, even if the premium is slightly higher.
Explore Extra Benefits
Many Medicare Advantage plans for 2026 include additional benefits like dental, vision, hearing aids, fitness memberships, and over-the-counter allowances. These extras can save you money on services you'd otherwise pay for out of pocket.
Steps to Take During Open Enrollment
Review Your Current Coverage
Look at what you paid in 2025 and what services you used most. This helps identify what's important in your 2026 plan.
Compare Available Plans
Use Medicare's Plan Finder tool or speak with a licensed insurance agent to compare all available options in your area for 2026.
Check Your Medications
Make a list of all your prescriptions and verify they're covered under the plans you're considering. Compare copays and coverage tiers.
Verify Your Doctors
Confirm that your current doctors and hospitals will be in-network for any new plan you're considering for 2026.
Calculate Total Costs
Don't just look at premiums. Add up premiums, deductibles, copays, and estimated drug costs to see the complete picture of what you'll pay.
Enroll Before December 7
Once you've found the right plan, enroll before the Open Enrollment deadline. Your new coverage will start January 1, 2026.
Important Reminders
- If you don't make changes during Open Enrollment, your current coverage will continue into 2026 (though costs and benefits may change).
- Plan costs and benefits can change each year, so it's important to review annually even if you were satisfied with your plan in 2025.
- You generally cannot change your plan outside of Open Enrollment unless you qualify for a Special Enrollment Period.
- Beware of aggressive sales tactics. Take your time to compare options and choose what's right for you.
Need Help Choosing a Medicare Plan for 2026?
Our licensed insurance agents can help you compare plans and find the coverage that meets your needs and budget.