HOUSTON - Open enrollment for Medicare starts Saturday. It's a time for seniors to change or add Medicare plans for their healthcare coverage.
Data shows 70% of Medicare beneficiaries make a big mistake during Medicare enrollment, which can cost them hundreds, even thousands of dollars.
They let their plan renew without checking their options.
That's because a lot can change, such as whether their doctors, prescriptions, and pharmacies are still in-network or covered by their plan. Other plans may have lower costs. Or maybe their medical needs have changed.
"Even if you looked a year ago, and the plan you picked for 2022 was the best option available, that might not be the same plan for next year. Your plan might change, and other available plans might be changing," explained Louise Norris, a health policy analyst with MedicareResources.org.
New this year, President Biden's Inflation Reduction Act is capping out-of-pocket insulin costs at $35 and making out-of-pocket costs zero for recommended vaccinations.
Medicare.gov offers a plan finder to help seniors select a plan based on their needs.
Open enrollment runs from October 15 through December 7.