4 Financial Planning Steps to Take Before Medicare Open Enrollment Starts in October

June 20, 2026 - 01:13

Even though open enrollment is months away, it pays to get the ball rolling. Waiting until the last minute can lead to rushed decisions and missed savings. Here are four steps to consider now.

First, review your current coverage. Look at what your plan paid for last year. Did it cover your prescriptions? Were your doctors in network? If you had surprise bills or struggled to get a specialist, that is a sign you need to shop around.

Second, estimate your health costs for next year. Think about planned surgeries, new medications, or ongoing therapy. If you expect higher expenses, you might want a plan with a lower deductible or a better drug tier. If you are healthy, a high-deductible plan with a lower premium could save money.

Third, check your income. Medicare premiums are based on your tax return from two years ago. If your income has dropped since then, you can appeal for a lower premium. If your income went up, be ready for higher Part B and Part D costs. Knowing this now helps you budget.

Fourth, look at the full picture. Medicare does not cover everything. Consider whether you need a Medigap policy or a Medicare Advantage plan. Also think about dental, vision, and hearing coverage. These are not part of original Medicare, and the costs add up fast.

Start gathering your documents now. Compare plans on the official Medicare site when they become available in October. A little work today can save you money and stress later.