Let's start with a question. When is the last time you opened a thick envelope from an insurance company on purpose, sat down, and actually read it? Most of us can't remember, and that is the whole problem.
That envelope is called the Annual Notice of Change. It shows up every fall, and it tells you what is different about your Medicare plan next year: the premium, the drugs it covers, the doctors it includes, and what you will pay at the pharmacy counter. It is dull, it is full of small print, and it is the most useful piece of mail you will get all year.
If you are on Medicare, you have until December 7 to do something about what is in it. If you are not on Medicare yet, somebody you love is. Your mother, your aunt, the neighbor who calls you every time a letter shows up. So this one is for them, and it is for you too, because this is a muscle we all need.
Medicare Is Not Set It and Forget It
Here is what most of us believe: you sign up once, you are covered, you are done. It does not work that way. Every year, plans change what they charge and what they cover. Drug lists shift. Insurers decide which counties they want to stay in and which ones they are leaving. The plan you have today is not promised to be the same plan in January.
The numbers back this up. The standard Medicare Part B premium went from $185.00 a month in 2025 to $202.90 in 2026, a jump of almost $18 a month, and the Part B deductible went from $257 to $283. That is more than $200 a year in premium alone, coming out of a check that is often already tight. The 2027 premium will not be official until Medicare announces it in November, and you can bet it is not going down.
Some changes for 2027 are already set. The most anyone pays out of pocket for covered Part D drugs in a year goes from $2,100 to $2,400. And if you are in a Medicare Advantage plan, you are in good company. KFF reports that 55 percent of people eligible for Medicare, about 35 million of us, are in one. The average person will have 28 Medicare Advantage plans with drug coverage to pick from for 2027, down from 32 this year. Fewer choices, but still far too many to sort through by feel. That is not a choice. That is a maze with a gift shop.
The Dates. Write Them Down.
Open enrollment runs from October 15 to December 7. Your plan has to receive your request by December 7, and whatever you change starts on January 1. Until then, you stay on what you have.
If you review everything and you like your plan, you do not have to do a thing. Your coverage simply rolls over. But notice the word review. Being happy because you checked is a decision. Being happy because you did not look is a gamble, and this is not the year to gamble with your healthcare.
We talked about this another way in Stop Ghosting Your Retirement. Ghosting your retirement does not look like running away. It looks like an envelope sitting on the counter for three weeks, and then it looks like the drawer. You know the drawer. Let's get the envelope out of it. This takes twenty minutes.
Your 20-Minute Check-Up
Pour something good, find a pen, and let's go.
First, find the letter. It is called the Annual Notice of Change, and your plan was required to send it by the end of September. If you cannot find it, log in to your plan's website or call the number on the back of your card and ask for it.
Second, write down every prescription you take. Then check whether each one is still covered next year and what tier it sits on. A medication that costs you $10 this year can cost a whole lot more if it moves up a tier, and you do not want to learn that at the pharmacy counter in January.
Third, check your doctors. Make sure the doctors, specialists, and hospital you actually use are still in the plan's network for 2027. Call the office and ask. Do not rely on the plan's website alone, because websites get out of date and you do not want to find out in February.
Fourth, look at the total cost, not the premium. A plan with a $0 premium is not a $0 plan. Add up the premium, the deductible, and what you expect to pay for the visits and the drugs you use. The cheapest sticker is not always the cheapest year.
Fifth, decide: stay or compare. If everything holds up, you are done, and you earned that drink. If something changed, go to Medicare.gov/plan-compare and put your options side by side.
A Caution If You Are Thinking About Going Back to Original Medicare
Some of us look at our Advantage plan this time of year and think, you know what, I want something simpler. That can be a smart move. It can also be an expensive one if you do it blind.
If you leave Medicare Advantage for Original Medicare, you may need a separate drug plan. You may also want a Medicare Supplement policy, called Medigap, and there are limits on when you can buy one. Depending on your state and your health, you may not be able to get the policy you want, or the price you want. So do not do this on a whim at 11 p.m. Ask first. That is what the free counselors below are for.
And if you join a new Advantage plan and regret it? You get one more shot. From January 1 to March 31, you can switch once to a different Advantage plan or go back to Original Medicare. It is a safety net. It is not a strategy.
The Noise Is Coming
Between now and December 7, your phone, your mailbox, and your television are going to be loud. Somebody is going to promise you free dental, free groceries, free everything.
Here is the rule. Medicare does not call you out of the blue to sell you something, and it does not call asking for your personal information. Share your Medicare number only with people you trust who work with Medicare: your doctor, your plan, or a licensed agent you contacted yourself. If a call makes your stomach tighten, hang up. You can always hang up.
Want help that is free and not trying to sell you anything? Every state has a State Health Insurance Assistance Program, called a SHIP. Find yours at shiphelp.org, or call 1-800-MEDICARE. A real person who is not paid by an insurance company will sit with you and walk through it.
Not on Medicare Yet? Stay With Us.
Maybe you are 38 and thinking, not my problem. Fair. But look at it this way. The people who get blindsided by healthcare costs at 65 are almost always the ones who never looked at them at 55. Healthcare is not a rounding error in your retirement. It is its own line in the plan. We wrote about the Medicare age gap and what it does to your savings before coverage even starts, and it is worth a read.
Here is the part nobody says out loud: this is practice. Open the letter. Ask the question. Compare the plan. That is the exact same muscle you need for your employer's open enrollment, your Social Security decision, and every insurance conversation you will have for the next thirty years.
If you want to see where healthcare fits in your own numbers, run them through the PROS™ Calculator on this site. And if you want to see what a retirement lifestyle costs in the place you want to live, healthcare included, the SMART Start™ Planner will show you.
Frequently Asked Questions
Do I have to do anything during open enrollment? Not if you reviewed your coverage and you are happy with it. Your plan continues. But reviewing is the key step, because plans change every year even when you do not.
What is the difference between Medicare open enrollment and Medicare Advantage open enrollment? Open enrollment, October 15 to December 7, is when anyone with Medicare can change coverage for the coming year. Medicare Advantage Open Enrollment, January 1 to March 31, is a second window only for people already in an Advantage plan. You can make one switch, to a different Advantage plan or back to Original Medicare.
Does the Annual Notice of Change really matter? Yes. It is your plan's own list of what is changing next year: the costs, the coverage, the doctors, and the drug list. If you read nothing else this fall, read that.
Where can I get free, unbiased help? Your State Health Insurance Assistance Program, called SHIP. Visit shiphelp.org or call 1-800-MEDICARE. SHIP counselors are not selling you a plan.
I help my mother with her Medicare. What should I do? Sit with her and do the 20-minute check-up together. Ask her permission before you share her Medicare number with anyone, and call her plan yourself rather than a number on a flyer. If she lives far away, a SHIP counselor can often do this with her by phone.
What if I miss the December 7 deadline? Your current coverage continues into next year. If you are in a Medicare Advantage plan, you may be able to make one change between January 1 and March 31. Mark your calendar now for next October 15.
The Bottom Line
You are not bad with money because Medicare feels like a maze. It is a maze. It was built by people who never had to explain it to their mother over the phone.
But you can walk it. Find the letter. Check your drugs and your doctors. Look at the total cost. Decide. You have until December 7. Then put a reminder in your calendar for October 15 of next year, because this is an annual conversation, and now you know how to have it.
Educational information only. This is not medical, financial, or legal advice. Medicare rules and plan details change, so confirm dates and details at Medicare.gov before you act.
Related Reading
Medicare Has an Age Gap That's Costing You Everything · You Have an Estate Whether You Know It or Not · Stop Ghosting Your Retirement · PROS™ Calculator · SMART Start™ Planner