Medicare Annual Enrollment 2025: Key Dates & Plan Changes
October 2, 2025
It’s that time of year again—Medicare’s Annual Enrollment Period (AEP) is here. From October 15 through December 7, individuals enrolled in Medicare have the opportunity to review their current coverage and make changes if needed.
During this period, you’ll likely be bombarded with advertisements, calls, and even advice from friends or family about which plan is “best.” While some sources may be reliable, others may not have your best interests in mind, which makes it important to carefully evaluate your personal health care needs and financial situation before making a decision.
At its core, Medicare is designed to help ensure that you have access to the doctors, hospitals, and prescriptions you need. But your needs may change over time, and so can the costs and benefits of your current plan.
If you’ve experienced a change in your health, started taking new medications, or found that certain specialists are no longer in your plan’s network, this is a good time to reconsider your options. Likewise, if your plan has simply become too expensive, or you suspect you may be paying for benefits you don’t use, AEP gives you the chance to adjust your coverage so that it better matches your life today.
There are several common reasons why people decide to change their Medicare coverage during this window:
1. Lowering costs. If premiums, copays, or coinsurance are eating up more of your retirement budget than you’d like, it might be time to shop around. Medicare plans vary significantly in cost, and a careful comparison may reveal a more affordable option.
2. Adjusting for health changes. A new diagnosis, chronic condition, or the need for ongoing care can make your current plan insufficient. Ensuring that your plan covers the specialists and treatments you require is critical.
3. Managing prescription drug costs. Prescription drug coverage can shift from year to year. If the cost of a medication you rely on has gone up, or your plan no longer covers it, switching plans could help you save significantly.
4. Access to better providers. If you’re dissatisfied with the doctors, hospitals, or specialists in your plan’s network, AEP is the time to switch to a plan with broader or more appropriate access.
5. Simplifying coverage. Some people find it easier to consolidate everything into a Medicare Advantage plan, which bundles hospital, medical, and often drug coverage into a single plan. This can be simpler than juggling multiple pieces of Medicare coverage like Part A, Part B, a Medigap policy, and a Part D prescription drug plan.
It’s also important to remember that insurance companies make changes to their Medicare offerings every year. Each September, you should receive an Annual Notice of Change (ANOC) from your insurer. This document outlines adjustments for the coming year, including changes to premiums, copays, deductibles, prescription drug costs, or network providers. Reviewing this notice is crucial because it helps you decide whether to stay with your current plan or explore alternatives during AEP.
A few key reminders as you prepare for enrollment:
● COVID-19 coverage remains in place. Medicare Part B continues to cover COVID-19 vaccines at no cost, while diagnostic tests and hospital stays related to COVID are also covered, though deductibles, copays, and coinsurance may apply. Medicare Advantage plans may require cost-sharing for certain tests.
● Switching to Medigap coverage can require underwriting. Outside of specific situations or your initial enrollment, you may need to go through medical underwriting if you want to buy a Medicare Supplement plan.
● Medicare is individual. Unlike employer insurance, there is no family coverage under Medicare. Each spouse makes their own decisions about their plan.
● Part D penalties may apply. If you didn’t sign up for prescription drug coverage when you were first eligible at age 65 and you add it later, you could face a permanent late enrollment penalty.
● Auto-renewal happens. If you don’t make changes during AEP, your current plan will automatically renew on January 1 for the following year.
Although this enrollment period arrives during an already busy time of year, it’s worth setting aside time to evaluate your options. Medicare is not “set it and forget it.” Your health, financial needs, and the plans themselves are constantly evolving. By reviewing your coverage annually, you can avoid unpleasant surprises and make sure you’re getting the care and value you need.
Ultimately, Medicare choices are a vital part of your overall retirement strategy. A thoughtful approach each year can help ensure that your coverage continues to meet your needs without overburdening your budget. Take the time now to compare plans, ask questions, and get help if you need it—because the right Medicare coverage can make a big difference in your health and financial wellbeing.
Sources:
https://www.fidelity.com/learning-center/personal-finance/retirement/medicare-enrollment-plans
Disclosure:
This information is an overview and should not be considered as specific guidance or recommendations for any individual or business.
This material is provided as a courtesy and for educational purposes only.
These are the views of the author, not the named Representative or Advisory Services Network, LLC, and should not be construed as investment advice. Neither the named Representative nor Advisory Services Network, LLC gives tax or legal advice. All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy. Please consult your Financial Advisor for further information.