It’s Medicare Open Enrollment Time!

As we near the end of the year, seniors in the United States need to focus on open enrollment for Medicare coverage. The open enrollment period for Medicare runs from October 15th to December 7th every year, and this is your chance to make changes to your Medicare coverage for the upcoming year. In this article, we’ll discuss why it’s crucial not to miss this opportunity to review your plan options and make informed decisions for 2024.

Don’t Miss Reviewing Your Plan Options

It is essential to keep in mind that open enrollment is the annual chance to review your current Medicare coverage and make any needed changes. Insurance plans can change yearly, meaning the coverage you had in 2023 may differ from what’s available in 2024. If you miss this window, you may end up with a plan that no longer fits your healthcare requirements or budget.

Plans Change Every Year

Every year, Medicare plans, which include Original Medicare (Parts A and B) and Advantage Plans (Part C), go through changes in terms of costs, coverage, and network of healthcare providers. As a result, premiums, deductibles, copayments, and the list of covered services may vary yearly. Reviewing these changes during open enrollment is vital to ensure you have the most current and appropriate coverage.

Do Your Homework

Open enrollment is a crucial period during which it is essential to research and examine all available options. Evaluate your healthcare needs, budget, and any changes in your health status or prescription medications. Additionally, consider which doctors and specialists you would like to consult, which medications you require, and any specific healthcare services that are relevant to your situation.

Choose the Best Option for You

During open enrollment, you have two primary options to choose from when it comes to your Medicare coverage:

  1. Original Medicare (Parts A and B): This option consists of Parts A and B and is the traditional Medicare program the federal government provides. It covers hospital care (Part A) and medical services (Part B), and you can pair it with a supplemental Medigap policy for medical coverage and a standalone Part D prescription drug plan to fill in any coverage gaps.
  2. Advantage Plans (Part C): Private insurance companies offer these. Advantage Plans provide an all-in-one alternative to Original Medicare and typically include Part A, Part B, and often Part D coverage, along with additional benefits such as dental, vision, and prescription drug coverage.  

To make an informed healthcare decision, compare each option’s benefits, costs, and provider network to your unique needs and financial situation.


The Medicare website,, is a beneficial resource during open enrollment. You can use it to assess different plan options available to you. The website’s Medicare Plan Finder tool is particularly helpful, as it allows you to compare Medicare Advantage and Part D prescription drug plans in your area. With this tool, you can evaluate each plan’s costs, coverage, and estimated annual expenses based on your specific health needs.

In conclusion, open enrollment for Medicare coverage is a crucial period for seniors to review and adjust their healthcare plans for the upcoming year. Do not miss this opportunity to take charge of your physical and financial wellness. To navigate the complex world of Medicare successfully, it is important to do your homework, compare your options, consult with professionals, and use your resources like Remember, your well-being depends on it.



For more helpful content delivered directly to your inbox, sign up for our newsletter at the bottom of the page.



Kimberly Reynolds, M.S., CFP®, is a Partner and Senior Advisor and serves as the Director of Financial Planning at The Welch Group, LLC, specializing in providing Fee-Only investment management and financial advice to families throughout the United States. Kimberly is a graduate of The University of Alabama and holds Masters of Science in Human Environmental Sciences with a concentration in Family Financial Planning and Counseling and is a CERTIFIED FINANCIAL PLANNER™.  In addition, Kimberly served as an Adjunct Instructor in Tax Planning and Management at The University of Alabama for five years.



Please remember that past performance may not be indicative of future results.  Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by The Welch Group, LLC [“Welch”]), or any non-investment related content, made reference to directly or indirectly in this blog will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful.  Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions.  Moreover, you should not assume that any discussion or information contained in this blog serves as the receipt of, or as a substitute for, personalized investment advice from Welch. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. Welch is neither a law firm nor a certified public accounting firm and no portion of the blog content should be construed as legal or accounting advice. A copy of Welch’s current written disclosure Brochure discussing our advisory services and fees is available for review upon request or at  Please Note: Welch does not make any representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether linked to Welch’s website or blog or incorporated herein and takes no responsibility for any such content. All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly.