From Bob Irish, retirement expert, Palm Beach Research Group: Don’t blow your chance to save on Medicare costs…

The annual enrollment period for Medicare started October 15 and ends December 7. This is when you can switch plans and save money.

Why bother?

According to a recent study, switching plans saves an average of $400–$600 per year.

But most people aren’t switchers. According to the Kaiser Family Foundation, less than 13% of Medicare enrollees made a switch over a four-year period.

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Some apparently think Medicare is a set and forget program. It isn’t. Here’s why.

Insurance companies can change their list of covered drugs, deductibles, copays, and co-insurance costs once per year. So the plan that saved you the most
this year might not be the best one for you next year.

If you have a prescription drug plan (PDP) or a Medicare Advantage (MA) plan, now is the time for you to shop around. And the best place to do that is the Medicare Plan Finder. You probably visited the site when you first enrolled.

Don’t switch based on premiums alone. You need to take into account deductibles, co-insurance payments, and what medications are covered (formulary).

Need some help?

The best place to go for assistance in selecting a PDP or MA plan with drug coverage is your State Health Insurance Assistance Program (SHIP).

You can call your state SHIP to get answers to basic questions. And if you have questions that are more complicated, you can schedule a phone appointment with a trained counselor.

Palm Beach Letter subscribers can read my complete series of Medicare essays right here. There are several ways to save hundreds… if not thousands… but you’ve got to educate yourself about your options first.