During Medicare open enrollment, retirees have the opportunity to shop for health-care coverage and experts advise taking the time to review costs.

• Medicare enrollees can switch plans from Oct. 15 to Dec. 7 for the 2025 plan.
• The upcoming changes in 2025 may alter the amount that retirees have to pay.
• Here's what changes experts say to watch for next year.

Medicare open enrollment for 2025 is set to begin on Tuesday.

Medicare beneficiaries have until December 7 to assess their coverage options and choose new plans for the upcoming year.

Experts say it's an important opportunity retirees should not ignore.

According to research from KFF, only 30% of Medicare beneficiaries review their options annually.

It is advisable to compare coverage options annually as individuals' requirements vary from one year to another, and plans also undergo modifications, according to Tricia Neuman, executive director for the program on Medicare policy at KFF.

"Comparisons can significantly impact coverage and expenses," she stated.

During the open enrollment season, Medicare beneficiaries should conduct thorough research on the new changes to the program that will take effect in the new year.

Ryan Ramsey, associate director of health coverage and benefits at the National Council on Aging, advised starting early.

Changes you can make during open enrollment

During Medicare's annual enrollment period, seniors have the option to choose new health and prescription drug plans.

Medicare beneficiaries may switch from the federally managed Medicare to privately managed Medicare Advantage plans, or they may switch from Medicare Advantage to Medicare original or change their Medicare Advantage plans.

Medicare encompasses both Part A and Part B, with the former covering hospital care, skilled nursing, hospice, and some home health services, while the latter includes doctors' services, outpatient care, medical supplies, and preventive services.

Medicare beneficiaries have the option to add prescription drug coverage or supplemental insurance for out-of-pocket costs by enrolling in a Medicare Part D plan or Medigap.

Medicare beneficiaries have the option to select a private Medicare Advantage Plan that covers Medicare Parts A and B, as well as additional services such as vision, dental, hearing, and prescription drug coverage.

Changes for 2025 that may affect coverage

In 2025, Medicare Part D will have a $2,000 cap on out-of-pocket costs.

The change in the Inflation Reduction Act of 2022 is good news for retirees who need to take expensive prescription drugs, according to Philip Moeller, author of "Get What's Yours for Medicare: Maximize Your Coverage, Minimize Your Costs."

Insurance companies may increase prescription co-pays, introduce more expensive coverage tiers, or drop coverage of certain drugs due to the higher Medicare Part D and other prescription coverage costs they now face because of those changes, Moeller explained.

Consumers should be extremely cautious during open enrollment, as stated by Moeller.

The Biden-Harris administration has capped the allowable increase in Part D premiums at $35 per month in 2025, according to KFF's Neuman.

Medicare Advantage coverage may change, so retirees should be vigilant, advised Moeller.

Medicare Advantage plans may not always provide the best prescription drug coverage for retirees, as private insurers may cut out plans or move out of certain areas. It is important for retirees to be aware of any changes that may affect the total costs they will pay.

If individuals with Medicare Advantage want to switch to original Medicare, they should be aware that they may not be able to purchase a Medigap policy if they have a pre-existing condition, according to Neuman.

Four states have laws to prevent that from happening - Connecticut, Maine, Massachusetts, and New York.

If someone has a serious medical condition or asthma, diabetes, or other conditions, it may be more challenging for them to disenroll from a Medicare Advantage plan and obtain a Medigap policy in certain states, according to Neuman.

How to best shop around

According to experts, the most effective method for retirees to assess the expenses they may incur with their current plans or by switching coverage is through comprehensive research.

Medicare.gov offers a platform for individuals to compare plans, while the Medicare hotline is available at 1-800-MEDICARE for those who prefer to contact the organization by phone.

According to Ramsey, SHIP programs are available in every state and offer free, non-biased counseling.

Start now, if possible, Ramsey said.

He advised taking extra time to gather Medicare.gov login, review plan comparison information, and ask follow-up questions before making a decision on prescription drug plans.

Moeller advised that it is important to take ample time to consider your coverage options before making any hasty decisions.

"Moeller stated that there is no need to act quickly in making a decision, as coverage selected on or before December 7, 2024 will take effect on January 1, 2025."