Navigating the Medicare Annual Enrollment Period

Ally Donnelly: Hi, and welcome to Fidelity’s educational webinar on “Navigating the Medicare Annual Enrollment Period.” I’m Ally Donnelly, host of Fidelity’s personal finance podcast, Money Unscripted. Thanks for joining us. Every year, Medicare’s Annual Enrollment Period runs October 15 through December 7. It gives people an opportunity to review their current coverage and make changes if their needs or circumstances have changed, like a new health diagnosis, or perhaps you’re prescribed a new medication.

You might be approaching Medicare eligibility, or you’re the caregiver, or you help a loved one with their Medicare coverage. Whatever your situation is, let us help you prepare. Today, we’re going to cover how to evaluate your current Medicare coverage and compare it with other available options, what changes you can make during the Annual Enrollment Period, and why reviewing your Medicare coverage each year is such an important part of managing your health care and costs.

To help guide us through the conversation, I’m joined by two members of Fidelity’s Medicare Services team. Ryann and Sean. Welcome to you both. Can you both tell us a little bit about the work you do with Fidelity’s Medicare Services team. Ryann, let’s start with you.

Ryann Little: Thanks, Ally. Hi, everyone. I’m Ryann Little, and I’m a director of business development on the Fidelity Medicare Services® team. I’ve been in the insurance field for over 18 years now, and specializing specifically in Medicare for over 13 years, both in client-facing and non-client-facing roles. I joined Fidelity back in 2019 to assist in the launch of the service, with the goal of helping people navigate through all the complexities of Medicare.

And I’m especially glad to join this conversation today centered around Medicare’s Annual Enrollment Period, because through my career, I’ve seen that people don’t really realize that for some Medicare plans, the coverage costs, networks, and plan details could be adjusted every year by the insurance companies. And if you’re not aware of these changes you could be essentially stuck on coverage that doesn’t work for your needs or your budget. Very happy to join you today.

ALLY: Terrific. Sean, could you introduce yourself?

Sean Gutzwiller: Hey, everyone. I’m Sean Gutzwiller, a Fidelity licensed insurance agent specializing in Medicare. I joined Fidelity in 2021 and have 12 years of experience in the Medicare field. In my role, I work with Medicare beneficiaries who are approaching retirement navigate their Medicare choices and evaluate their options.

And I can speak for all of our Fidelity licensed insurance agents who do specialize in Medicare, that our number one objective is to empower all Medicare consumers, inside and outside Fidelity, to make health care coverage choices that will align to their individual needs, preferences, and financial goals.

ALLY: Thanks, Sean. Before we dig in, I want to say that Fidelity does not give tax or legal advice, and nothing we discuss today should be interpreted as tax or legal advice. The information we provide is going to be general in nature, and it may not apply to your situation. If you have tax or legal questions about your specific situation, we encourage you to talk with your attorney or tax professional.

We’d also like to thank everyone who submitted questions in advance. They really helped shape today’s conversation. All right, Ryann, before we get into the details of Annual Enrollment, can you start us off with a quick Medicare refresher? What are some of the key basics?

RYANN: Sure, Ally. First, you may be aware that Medicare is made up of different parts. You’ve likely heard of Original Medicare Parts A and B. Generally, Part A and Part B cover about 80% of medical and hospital costs. And when it comes to the cost of Part A and Part B, most people don’t have to pay for Part A based on the Medicare taxes you pay during your working years. However, for Part B, most everyone will pay the base monthly premium set by Medicare plus any applicable income-related surcharge amounts.

ALLY: All right. We’re going to dive deeper into those surcharges a little later. But as far as the cost for Original Medicare, do those Medicare costs stay the same year to year?

RYANN: Unfortunately, no. Medicare costs can change each year, and that’s one reason why we recommend everyone review their Medicare each year to be sure you’re aware of the costs, and also to ensure that you’re not paying more than you need to be. For example, for Medicare Part B, the standard monthly premium that most people have to pay usually does increase yearover- year. This year, that monthly premium is $202.90.

Heading into next year, that premium is projected to rise about 3.5% to approximately $209.50 per month. We’re anticipating the final figures to be released by the Centers for Medicare & Medicaid Services later this fall, so we’ll be keeping a close eye out. This projection does bring a little bit of relief, though, since the increase would be less than the almost 10% increase we saw implemented for 2026.

ALLY: Sean, let me bring you into the conversation. Ryann mentioned that Original Medicare covers about 80% of hospital and medical costs. So paying 20% of hospital and medical costs could feel like a big gap. How do people fill that gap in coverage?

SEAN: Yeah, so most people will seek out coverage beyond Original Medicare to help fill those gaps in hopes of relieving some of the cost responsibility you would be liable for if your only coverage is Original Medicare Parts A and B. Generally, there are two types of plans, or two directions you could choose to help fill these gaps or offset that cost responsibility.

ALLY: What are those two plan types or those directions they could choose from?

SEAN: Yeah, so a Medicare Supplement Plan, which is also known as Medigap, coupled with a stand-alone Part D prescription drug plan or a Medicare Advantage plan, also known as Part C and often referred to as all-in-one type coverage.

ALLY: All right. How does Original Medicare work with Medicare Supplement and Part D?

SEAN: Well, when you have Medicare Supplement plus Part D, Original Medicare Parts A and B remain the primary coverage. The Supplement along with the Part D plan are secondary coverage. Parts A and B would generally pay their 80% of services, and then depending on which supplement plan you selected, it would help pay for some to most of the leftover 20%.

There is no defined network of doctors or providers you must abide by in these plans, so you can use your coverage anywhere across the country as long as you’re seeing doctors and hospitals that accept Medicare.

ALLY: OK. Ryann, what does it look like when you go to the doctor and then fill your prescription?

RYANN: Well, when you have this type of coverage, a Medicare Supplement plan and a stand-alone Part D plan, you’d actually be carrying three ID cards. Then when you see your doctor, you’d show them two cards your red, white, and blue Medicare ID card as your primary insurance, as well as your Medicare Supplement card as your secondary insurance. When you go to the pharmacies to fill your prescriptions, you’d only use your Part D prescription drug ID card.

ALLY: I see. OK. Then how does it work with Medicare Advantage?

RYANN: Well, Medicare Advantage is the other plan type that you could choose to help fill those gaps from Original Medicare that Sean mentioned. When you’re enrolled into Medicare Advantage, the Advantage plan becomes your primary coverage, although you still need to be enrolled into Parts A and B and pay for any income-related surcharges that you have to.

Medicare Advantage is also widely known as the all in one type coverage, because it combines Original Medicare coverage and often adds additional benefits, like prescription drug coverage, and sometimes ancillary benefits for dental, vision, and hearing. It is important to keep in mind that if you’re enrolled into Advantage, you’ll keep your costs lower if you stay within the plan’s approved network of doctors, hospitals, and pharmacies.

And, in this case, you’d only use your one Advantage ID card when you visit the doctor, when you visit the hospital, as well as when you fill your prescriptions.

ALLY: Sean, we got so many questions about coverage and prescriptions. One is, do I need Part D if I don’t have any drug prescriptions?

SEAN: Well, even if you’re not taking any prescription medications today, enrolling in Part D when you’re first eligible is worth considering. If you go without creditable prescription drug coverage and decide to enroll later, Medicare may charge a permanent late enrollment penalty. Here’s how that works. Every month, you are eligible for Part D but didn’t have qualifying drug coverage, Medicare adds a penalty to your Part D premium when you eventually enroll.

The penalty is calculated at 1% of the national base beneficiary premium for every full month you’re without Part D or other creditable drug coverage. This might not sound like a lot, but it can add up the longer you go without drug coverage. For example, if you wait two years to enroll in drug coverage you could face roughly a 24% penalty, and that additional cost stays with you for as long as you have Part D coverage.

The bottom line is, even if you don’t currently take medications, a low-cost Part D plan can help protect you from future penalties and ensure you have prescription drug coverage in place if your health needs change. And for those here that are already on Medicare but don’t currently have drug coverage through your Medicare Advantage plan or a stand-alone Part D plan, the Annual Enrollment Period is your opportunity to get drug coverage in place to begin on January 1.

ALLY: OK, that’s important to know. My second question. Let’s say someone first enrolls into a Medicare Advantage plan and they want to change to a Medicare Supplement plan. Can they move from an Advantage plan to a Medicare Supplement plan later at some point?

SEAN: Yeah, you can switch from a Medicare Advantage plan back to Original Medicare and apply for a Medicare Supplement plan. However, unless you qualify for a guaranteed issue, most states require Medicare Supplement insurers to implement medical underwriting, meaning you’ll need to answer health questions and coverage could be more expensive or even denied based on your health.

There are also certain situations that provide guaranteed issue rights, allowing you to enroll in a Medicare Supplement plan without underwriting. Because Medicare Supplement eligibility rules can vary based on your circumstances, if you are considering a move from Medicare Advantage to Medicare Supplement, we recommend scheduling an appointment with our team so that one of our licensed agents specializing in Medicare, can review your options and help you determine a good path forward.

ALLY: That’s great. If I want to dig in to find out more about the various Medicare plans and coverage options, where can I go?

SEAN: Well, we have lots of resources to help you navigate coverage options, whether you’re ready to sign up for Medicare now or are researching for the future, we can help you get started. Fidelity Medicare Services® has developed a service to assist Medicare-eligible beneficiaries as they navigate Medicare planning and enrollment.

The Fidelity Medicare Services website offers a Medicare-centric Learning Center, where you’ll find educational tools and resources to assist in your Medicare planning and enrollment journey. You can also schedule a meeting with a member of our team for further guidance and enrollment support when you’re ready. This complimentary service is available to any resident of the United States. Viewers can visit our website at Fidelity.com/Medicare to get started.

ALLY: All right. Let’s turn to enrollment periods. Ryann, one question many viewers have is, when can I make changes to my Medicare coverage? Can you walk us through that?

RYANN: Yes. Well, Ally, it really depends on which Medicare plan you currently have and what plan you’re looking to change to. When speaking in terms of the Annual Enrollment Period, which again is October 15 through December 7, as you review your coverage and potentially change plans during this time of the year, we’re really referring to the Medicare Advantage type plans and the stand-alone Part D prescription drug plan types.

Medicare Advantage and Part D plans are both regulated by the Centers for Medicare & Medicaid Services, and have specific timelines in which you can change your plans, and Annual Enrollment Period is one of them. So if you’re currently on an Advantage plan, you can either choose to switch to a different Advantage plan during the Annual Enrollment Period, matching your selections to your needs, like ensuring your doctors and medications are covered under that new plan. Or you could choose to switch back to Original Medicare as your primary and add a Medicare Supplement plan along with the Part D prescription drug plan.

ALLY: Ryann, what if you’re currently enrolled into a Medicare Supplement and a stand-alone Part D drug plan?

RYANN: Exactly, Ally. So on the flip side, if you’re currently enrolled into a Medicare Supplement and a stand-alone Part D drug plan, you might choose to stay with your current Medicare Supplement. Since these plans are standardized, they typically don’t change their coverage each year, but you may consider changing to a different prescription drug plan. Again, matching your new plan choice to your current prescription needs.

You could also decide to come off of your Medicare Supplement and your Part D plan altogether, and choose an Advantage plan that suits your needs and preferences.

ALLY: All right. We’ve talked about Medicare Advantage and Part D plans, how does it work if someone wants to make changes to their Medicare Supplement plan?

RYANN: Yes, so if you do want to make changes to your Medicare Supplement plan, those plans work a little differently. Initially, you have a six-month period to enroll into a Medicare Supplement plan when you first sign up for Medicare Part B. After that, you can apply to switch plans at any time, but depending on your specific state rules, you could be denied a new Supplement plan or charged extra based on your current or past health history as Sean highlighted just a moment ago.

ALLY: Any other watchouts?

RYANN: Well, Ally, these are only some of the more common enrollment periods, so I’d encourage viewers to be aware of all of the various time frames in which you could change your plan throughout the year based on your personal circumstances. And also, as we’ve mentioned, we do have helpful resources on our website, in our Learning Center, that provide more information on this topic. Or you could check out Medicare.gov to view all of the times you may be able to enroll into or change your plan.

ALLY: Terrific. Sean, why should someone consider reviewing their Medicare coverage during the Annual Enrollment Period specifically?

SEAN: Well, one of the most important reasons to review your Medicare coverage each year is that your situation may have changed. You may be taking new medications, seeing different doctors or specialists, or planning a medical procedure in the coming year. Your financial needs may have changed as well, making it worthwhile to explore coverage options that better fit your budget.

In addition, your current plan may be changing. Premiums, copays, prescription drug coverage, provider networks, and pharmacy networks can all change year to year. You may even receive notice that a doctor you currently see is no longer participating in your plan. Taking time to review your coverage during the Annual Enrollment Period can help ensure your plan continues to meet both your health care and financial needs.

ALLY: What if your current plan works well for your needs heading into next year? Do you need to change anything? Do you have to?

SEAN: Well, if your plan hasn’t changed much and you’re happy with the coverage and how it’s working for you, you can simply stay enrolled. You do not need to do anything. As long as the plan is still being offered and you continue to pay any premiums, you’ll be automatically renewed for next year.

ALLY: Got it. OK. Ryann, annual plan reviews may not be the highest priority for everyone, so based on your experience working with clients, can you share an example that really shows why taking a fresh look at your coverage each year can be so valuable?

RYANN: Absolutely. Ally, One of the biggest misconceptions I’ve heard many times throughout my career is that once you’ve enrolled into a Medicare plan, you’re set for the rest of your life. In reality, Medicare plans can change every year, and that’s why reviewing your coverage annually is so important. I’ve spoken with many clients who haven’t compared their coverage in 5 or 10 or even more years, and they’re often still enrolled in that same plan they selected when they first became eligible for Medicare.

ALLY: Sean, I know you have an example as well.

SEAN: I definitely do. I recently worked with a client who was paying more than $100 per month just for their Part D prescription drug plan, despite only taking a few generic medications. This was separate from the amounts they were paying for Parts A and B. When we reviewed the plans available in their area through our prescription drug tool, we found an option with a premium under $10 per month.

Not only did it dramatically reduce their monthly cost, but their medications were actually covered more favorably under the lower-cost plan.

ALLY: Wow. Going from $100 a month to $10 a month, I mean, that is a big change.

SEAN: Yeah, it’s a great example of why an annual review matters. Premiums, deductibles, copays, provider networks, and prescription drug formularies can all change from year to year. A plan that was a great fit last year may not be the right plan for your situation this year. The bottom line is simple, take time to compare your options each year during the Annual Enrollment Period. It can potentially save you money, improve your coverage, or both.

And the good news is, is you don’t have to do this alone. You can use our online Part D comparison tool to review plans yourself, or schedule an appointment with a member of the Fidelity Medicare Services team to help you evaluate your options and make an informed decision.

ALLY: For viewers who may not be familiar with it, can you tell us a bit more about the Prescription Drug Plan Finder tool and who might benefit from using it?

SEAN: Yeah, so the Part D prescription drug plan finder tool was developed by our team and is available to anyone who is eligible for Medicare. It can help you narrow down Part D plan options from the insurance companies that we work with. We’ll recommend a list of plans that may meet your needs at the lowest cost. Keep in mind, the number of plans available may be based on the carriers and your service area.

The personalized recommendation is based on the information you enter. If you find a plan that works for you, you can enroll online or get help from a member of our team.

ALLY: Ryann, let’s talk through the changes to Medicare for 2027.

RYANN: Of course, I know this may be top of mind for many heading into next year. So while there has been some talk about changes or adjustments to the overall Medicare program lately, the good news is, most people won’t see any significant changes to their Medicare this coming year. Key updates for 2027 that our viewers today should be aware of involve the codifying of Part D coverage provisions that were set in place by the Inflation Reduction Act of 2022. These provisions started rolling out in 2025 and beginning next year will be permanent moving forward.

ALLY: What can you tell us about some of those Inflation Reduction Act provisions?

RYANN: For the past few years, the law has been rolling out changes to Medicare that were really meant to help people save money and better manage the cost of their care. For one, if you take insulin, you’re aware of the monthly cap on insulin medication that was introduced in 2023. Next year, that monthly cap remains at no more than $35 per month.

Additionally, the law brought a new annual cap on out-of-pocket costs for prescription drugs covered under Part D, as well as the end of the infamous donut hole. This will also continue next year and beyond.

ALLY: What can you tell us about the new annual cap?

RYANN: That annual cap rises slightly again this coming year to $2,400 in out-of-pocket costs. This annual cap includes your plan’s deductible, copays, and coinsurance for the prescription drugs covered by your Part D plan. But it’s important to remember that monthly plan premiums or any drugs not covered under your Part D plan will not count towards this annual cap.

ALLY: OK. Sean, any watchouts you’ve come across speaking with clients since the Inflation Reduction Act was implemented?

SEAN: Well, remember, as Ryann mentioned, that monthly plan premiums or any drugs that aren’t covered under your Part D plan will not count towards this annual cap. These changes have been significant for people with high-cost medications who may have been paying thousands of dollars over that limit.

That said, anytime you have changes to a program like Medicare, it’s important to consider other factors at play and realize that there could be some indirect effects of these changes.

ALLY: Give me an example.

SEAN: Well, for example, we’ve seen in the past couple years, that some plans have raised their monthly premiums to offset the money they may lose on cost-sharing controls for prescription drugs.

Likewise, some plans have started to add more limits to the list of drugs that they’ll cover, or they’ve changed the tier category that some drugs are in, which all could affect you directly as a Medicare beneficiary.

Further, some insurance companies have decided to discontinue some plans or leave certain markets altogether. And we do expect some of these trends could continue.

ALLY: OK. That’s good information to have. Before we move on, I want to revisit a topic that’s clearly top of mind for many viewers based on the questions we’ve gotten. IRMAA surcharges. Ryann, walk us through what they are and why they’re important to keep in mind for 2027.

RYANN: Income-Related Monthly Adjustment Amount. That’s a mouthful. Otherwise known as IRMAA. These are surcharges that some people may have to pay due to their higher income. It’s specifically based on your modified adjusted gross income, and these charges could be added to the base monthly premiums for both Part B and Part D.

ALLY: How are IRMAA charges calculated?

RYANN: Once you enroll into Part B for the very first time, Social Security is going to look at your tax return and your income from two years prior. If your income from two years ago falls within certain thresholds, as determined by Social Security, you could be required to pay these additional monthly amounts. And you can see by this chart, that surcharge amount can vary, but sometimes those surcharges could total well over $500 per month in certain instances.

ALLY: Ryann, once someone is subject to an IRMAA surcharge, are they stuck with it forever? And is there anything they should consider during Annual Enrollment if they’re affected by one?

RYANN: Well, it’s different for everyone as far as how long someone would be paying these surcharges if they’re subject to IRMAA. Social Security will do that initial assessment once someone enrolls into Part B for the first time, then they update their assessment each year, but it’s based on tax information from two years prior.

And again, as we enter the Annual Enrollment Period, and as folks are reviewing their various plans against their needs like doctors and prescriptions, et cetera, I’d highly, highly recommend taking a few minutes to review your IRMAA surcharges as well, because again never want to be paying more than you need to.

ALLY: Yeah, no, of course not. So what can you do?

RYANN: Well, could take a look at your recent statement from Social Security, specifically what income tier they’re using for their surcharge calculation. And if your income has dropped below what they show, there could be an opportunity to reduce or eliminate your IRMAA surcharges if your income dropped in result of what Social Security recognizes as a qualifying, life-changing event.

ALLY: Give me some examples of life-changing events.

RYANN: Well, the most common one used is work stoppage, usually by the way of retirement, for example. Or maybe just work reduction. A cut down in your hours, as well as a change in your marital status either from a marriage, a death of a spouse, or a divorce among some other events.

ALLY: All right. Let’s say someone’s income has changed because of one of those life events. How can they let Social Security know and ask for their IRMAA surcharge to be reconsidered?

RYANN: There are two ways to go about this. You could fill out a form. It’s called the Form SSA- 44 and turn it in to Social Security. Or you could talk to the Social Security Administration directly. The Form SSA-44 is used for requesting that redetermination of your IRMAA surcharges. And filling out that form and turning it in to Social Security is mostly straightforward.

But you might consider calling Social Security instead of filling out that form if you’ve had a change that is not listed on the form. Or if you’ve had maybe more than one of those changes listed on the form. And if you file taxes as married filing separately and live apart from your spouse year-round, you might consider calling and talking to Social Security directly.

ALLY: Well, if you’re married, does one form cover both spouses?

RYANN: Great question. As with everything when it comes to Medicare, it’s very individualized. So if you’re married, both you and your spouse want to have your IRMAA lowered, you’ll both need to take those steps and submit those forms separately.

ALLY: Let’s talk about prep work. Sean, if a viewer who wants to get a head start on Annual Enrollment, what are a few things they can do now to be better prepared when it’s time to review their coverage?

SEAN: Well, I recommend starting with taking a close look at your current coverage as well as assessing what your current needs are. This includes making a list of prescription medications, confirming preferred doctors and pharmacies, and noting any changes in health conditions or anticipated medical for the coming year. Taking these steps before the Annual Enrollment Period starts can help ensure individuals are prepared to make informed decisions about their Medicare coverage.

ALLY: All right, Sean. I’m enrolled in a Medicare Supplement plan and a Part D drug plan. How should I approach Annual Enrollment? What would you recommend to review before deciding whether to make any changes?

SEAN: Well, when you’re enrolled in a Medicare Supplement and a stand-alone Part D plan, the Annual Enrollment Period is primarily focused on reviewing and optimizing Part D prescription drug coverage. Formularies and benefits, as we’ve mentioned, change year to year, so it’s important to review your prescriptions to be sure that they are on the list of covered medications and at the lowest cost.

ALLY: Any other benefits or services that might be important to consider taking a look at?

SEAN: Well, one area many beneficiaries overlook is dental, vision, and hearing coverage. Original Medicare typically does not cover routine services in these categories. If these benefits are important to you, consider whether a Medicare Advantage plan that includes them may be a good fit. And if you’re planning to keep Original Medicare and a Medicare Supplement plan, you may want to look into stand-alone plans that can help provide coverage for these services.

ALLY: All good tips on how to prepare for the Annual Enrollment Period. Now, let’s say October 15 comes around and Annual Enrollment starts. Ryann, what would be your step-by-step playbook for someone during that Annual Enrollment Period?

RYANN: Well, Ally, I view this in four main steps. So step one, you’ll want to start by reviewing details of your current coverage. This begins when you receive a letter in the mail from your insurance carrier. The official title of this letter is the annual notice of change. It’s also known as the ANOC letter for short.

ALLY: What’s so important about this letter?

RYANN: The annual notice of change letter will outline any major changes to your plan for 2027. The Medicare insurance carriers are required to send this annual notice of change letter by the end of September each year to let you know about any changes to your plan for the upcoming year.

And remember, this is an annual process, so receiving this letter definitely is not a cause for alarm, but you don’t want to accidentally throw it away with your junk mail either. So taking a closer look at that letter is often the first sign that your current plan may or may not be the right fit for you next year.

ALLY: OK. Got it. So not junk mail. Watch for the annual notice of change letter in the mail and carefully review it. Then what?

RYANN: So step two, finalize your personal needs and your preferences for the upcoming year. So in preparation to reviewing your coverage and looking at other options available for next year, make a list of your health care needs and preferences, including your prescription medications, the dosages, a list of your doctors, your specialists, your preferred provider locations, and even your preferred pharmacies. And again, make note of any particular health needs that you know are coming up, like upcoming medical procedures or surgeries that you’re aware of.

ALLY: Then what? What comes next?

RYANN: Step three, review and compare your options. Again, you could utilize some guidance tools that we’ve made available to determine whether making a change or staying on your current coverage is right for your situation. Or you could schedule a meeting with one of our team members if you need additional help. But also, don’t forget to review any potential surcharges you currently pay and if your situation fits could submit that Form SSA-44 to Social Security.

And lastly, I would say, as Sean shared a moment ago, consider ancillary benefits that you may need or prefer for this upcoming year, like dental, vision, or hearing coverage.

ALLY: OK, so you’ve compared your plan options, then what? What’s the next step?

RYANN: OK. So very last, step four, you either enroll into a new plan or you decide to stay put going into 2027. If you feel like you need to switch that plan, you can immediately enroll into your coverage during the Annual Enrollment Period, and your plan will be in place for 2027. But just remember, you’ll need to enroll by the last day of the Annual Enrollment Period, December 7. And that way, you’ll be all set for your new plan to start January 1.

ALLY: Ryann, Sean mentioned the possibility of plans being discontinued. Does the time frame change if your plan is discontinued for 2027?

RYANN: Yes. Great call out here, Ally. If you happen to have a plan that is being discontinued for 2027 by the insurance carrier, you will be granted some extra time by Medicare to select a new plan. However, we still highly recommend you start looking early and make a switch before January 1, so that way, you don’t have any gaps in coverage.

ALLY: OK. So Sean, if I enroll in a new plan, do I need to do anything with my current plan?

SEAN: That’s a great question. In most cases, if you’re switching from one Medicare Part D prescription drug plan to another, or from one Medicare Advantage plan to another, you don’t need to do anything with your current plan. Once your new coverage becomes effective, your existing plan will automatically be terminated.

However, if you’re changing from one Medicare Supplement plan to another, it’s different. After you’ve been approved by the new carrier and your new coverage is in place, you’ll need to contact your current insurance company to cancel your existing policy. If you don’t, you could end up paying premiums for both plans at the same time.

ALLY: This is great information. What resources can you share with our audience?

SEAN: Wherever you are on the Medicare journey, whether you’re approaching Medicare and enrolling for the first time, or considering a change to your coverage during the upcoming Annual Enrollment Period, it’s important to remember that you’re not in this alone. We understand that navigating Medicare coverage can be an overwhelming experience, and Fidelity is here to help with our complimentary service.

Fidelity Medicare Services can help you apply for coverage entirely online or with the help of one of our licensed insurance agents, who can discuss your health needs and preferences and help you enroll in coverage that suits your situation as well as your budget. You can also visit the Fidelity Medicare Services Learning Center to learn more about managing your holistic health care decisions. Here, you may find helpful tools, articles, and on-demand educational webinars that you can explore at your own pace at any time.

ALLY: Oh, great. That’s a lot of resources. Ryann, Sean, this was a great discussion. Thank you. And thanks to our audience for tuning in to “Navigating the Medicare Annual Enrollment Period” webinar. See you soon.