Medicare Open Enrollment Period (OEP), also known as the Annual Enrollment Period (AEP), is a crucial time for Medicare beneficiaries. Running from October 15 to December 7, OEP allows you to make changes to your Medicare coverage for the upcoming year, whether you have a Medicare Advantage (Part C) plan or a stand-alone Medicare Part D prescription drug plan. Even if you haven’t enrolled in Medicare yet, it’s the perfect time to consider your health needs and the options available. Don’t wait until the last minute! Prepare for Medicare Open Enrollment now to ensure you confidently choose the best Medicare plan for your health and budget in 2026.

1. First step to being ready for Medicare AEP: evaluating your current healthcare and financial needs

There are two main areas to evaluate your needs for the upcoming year: health needs and financial needs. Your healthcare needs can evolve, and understanding your current health situation is key to choosing the right Medicare plan.

There are a few key questions you can answer ahead of Open Enrollment:

• Do I have any new health concerns or a new diagnosis that will need evaluation or treatment?
• Do I have any planned procedures or surgeries?
• What prescriptions am I currently taking? Have any new medications been added to my regimen?
• Has my doctor recommended or prescribed any new medications?
• Is there a new doctor or provider that I either want or need to see?
• In addition, there are financial or lifestyle questions that could affect your health care coverage, such as:
• Am I going to be traveling more (or less) in the upcoming year?
• Am I moving soon, which could affect my provider network options?
• Has my financial situation changed, potentially requiring a Medicare plan with lower premiums or different out-of-pocket costs?

Writing down these answers will help you quickly identify if you need to compare Medicare Advantage plans or Medicare Part D plans during the upcoming Medicare Open Enrollment Period.

2. Evaluate your current healthcare plan for changes

For Medicare Advantage and Medicare Part D plans, your plan sends an Annual Notice of Change (ANOC) in September. While Medicare Supplement (Medigap) plans don’t send an ANOC as their changes are typically less comprehensive during this period, beneficiaries with these plans might still review their Part D coverage via an ANOC. This letter explains changes regarding coverage and/or costs for the ensuing year. 

This document will answer the following important questions for you:

• How much is my Medicare plan premium?
• Are my prescriptions covered in the plan’s formulary?
• Did my Medicare provider network or pharmacy network change?
• Is the Medicare plan still available in my area?

Even if you are not enrolled in Medicare, these are good questions to ask about any healthcare plan as you make decisions for the upcoming year. Ultimately, the ANOC, coupled with your personal health and financial evaluation, will help you determine the most crucial question for Medicare’s Annual Enrollment Period: Do I need to switch Medicare plans or change my Medicare coverage? However, even if your ANOC does not include any major changes to your existing coverage, your personal evaluation could still merit Medicare plan comparisons during Open Enrollment.

LEARN MORE: Understanding Your Annual Notice of Change (ANOC)

Additionally, Medicare.gov’s official “Medicare & You” handbook is updated annually and provides essential information about Medicare updates, enrollment periods, and Medicare coverage options.

3. Finding the right Medicare plan: How to compare

Based on your personal assessment and ANOC review, you may discover your current Medicare plan no longer aligns with your needs. The Medicare Open Enrollment Period is your opportunity to compare Medicare plans side-by-side.

You have options for how to compare Medicare plans during the Open Enrollment Period:

• You can view a listing of Medicare plans in your area using the Medicare Plan Finder, or calling Medicare directly at 1-800-Medicare. The Medicare Plan Finder tool is updated on October 1
• Contact your State Health Insurance Assistance Program (SHIP)
• Work with an independent, licensed insurance broker like SmartMatch. We work with almost a dozen carriers and can analyze plans at no extra cost to you

Key takeaway: Be prepared for AEP

The Medicare Annual Enrollment Period (AEP), from October 15 to December 7, is your critical window to ensure your Medicare coverage meets your evolving needs. By proactively assessing your health and financial situation, reviewing your Annual Notice of Change (ANOC), and knowing how to compare Medicare plans, you empower yourself to make confident and stress-free decisions about your 2025 Medicare benefits.

Don’t leave your Medicare coverage to chance. Start your preparation today to secure the best Medicare plan for you