The thick stack of Medicare paperwork that shows up each fall can feel like the starting gun for comparing next year’s coverage, but some of the most useful preparation can happen before the envelopes arrive. Medicare plans generally send their Annual Notice of Change and Evidence of Coverage documents in September, outlining changes that will take effect in January. That gives beneficiaries a valuable window to organize their finances, prescriptions, and recent health care spending before Medicare Open Enrollment begins October 15.
Think of August and early September as the preparation period: you aren’t choosing next year’s plan yet, but you can organize the numbers you’ll need to judge whether your current coverage is still a good financial fit. Doing a little homework now can make it much easier to spot whether a higher premium, different drug tier, or changing copayment could actually affect your household budget. Instead of waiting until December to make a rushed decision, consider tackling these financial tasks while your current year’s costs are still fresh. Here are eight money moves you should consider making before you get next year’s Medicare paperwork.
