All Medicare retirees should do so by December 7

Retirees rely on their Social Security benefits. However, another program they have to worry about is Medicare, which some say is even more complex than Social Security.

Medicare is the federal health program for people over 65 in the United States and has several different parts. Retirees generally do not enroll in all parts of Medicare and have some option when choosing. Retirees can also change their plans, so you’re not locked in for life.

Like Social Security, there are some key dates that retirees should keep in mind. For example, the initial Medicare enrollment period begins three months before your 65th birthday and extends until three months afterward. Now another key date is approaching, December 7.

Several different registration periods

One confusing aspect of Medicare is that there are several different enrollment periods. The one I mentioned is important because retirees can face lifetime penalties if they miss their initial registration, unless they are still working and insured by an employer. However, there are other key registration periods:

• October 15 to December 7: This is the annual enrollment period, which is a good time to evaluate your current Medicare or Medicare Advantage plans and make changes.

• From January 1 to March 31: This is the general enrollment period during which retirees can enroll in Medicare Parts A and B if they did not enroll when they first became eligible or are not eligible for a period special registration. Despite the name, most retirees should not use this period because penalties may apply for missing both your initial enrollment period and any special enrollment periods you may be eligible for .

• From January 1 to March 31: These same dates cover the open enrollment period for Medicare Advantage, also known as Part C. These plans come from private companies outside the federal government that the federal government has approved. Many of these plans combine types of coverage you’ll find in Medicare Parts A, B, and D. Despite the name “open enrollment,” retirees who are not already enrolled in Medicare Advantage cannot join the program during this time. They can change plans or return to traditional Medicare coverage if they are already enrolled in Medicare Advantage.

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Annual registration

All Medicare retirees must evaluate and make necessary changes to their Medicare plans by December 7, when the open enrollment period ends. Retirees can do several things before annual enrollment ends:

• Switching from traditional Medicare to Medicare Advantage.

• Transitioning from Medicare Advantage to Traditional Medicare.

• Change Medicare Advantage plans.

• Switching from a Medicare Advantage plan that also covers prescription drugs (Part D) to one without, or vice versa.

• Enroll in, change or terminate a prescription drug plan.

Medicare plans may change each year and are influenced by many factors, including legislation, Medicare Advantage performance, changes by the Centers for Medicare & Medicaid Services (CMS), changing demographics of Medicare enrollees, global healthcare market etc. Another thing that may have changed is you. Your health needs may be different than they were a year ago, making your current plan less effective than it once was.

A retiree’s Medicare Part D plan may also change the drugs it covers and the cost of those drugs, for better or worse. Passed with the Inflation Reduction Act, the government gained the ability to negotiate drug prices with big pharmaceutical companies. The first new negotiated prices are expected to take effect in 2026 and will save retirees billions in drug costs and improve access to certain drugs for Part D enrollees. So you’ll definitely want to review your plan and others that are carefully available during next year’s annual registration period.

When evaluating Medicare plans, retirees should consider their health care needs, how much they use and pay for their prescription drugs, and what they might have to cover out of pocket. Then review the premiums, co-payments, and out-of-pocket maximums in available plans to choose the one that best suits your needs, at the best possible price.

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