Open enrollment season for retirees is underway, and shopping around for a new Medicare plan for 2016 could save you money. Enrolling and changing plans can be such a daunting task, some seniors may be tempted to just sign up quickly or stick with what they have without doing their homework. That could be very costly, especially next year.
In 2016, there will be no cost-of-living adjustment for Social Security retirement benefits. As a result, millions of new Medicare enrollees, those collecting Social Security for the first time and higher-income retirees could see a large increase in out-of-pocket health-care costs.
That is why it is important to cut costs where you can. Take these steps before the Dec. 7 deadline for Medicare open enrollment: