Giving your Medicare coverage a yearly checkup is one of those things that might be a pain in the caboose. Yet the chore could help keep your finances on track.
During the program's annual enrollment period, which opened Oct. 15 and closes Dec. 7, beneficiaries can make changes to coverage that will take effect Jan. 1.
Of course, you aren't required to do anything — if you take no action, you'll automatically remain enrolled in your current plan, assuming it remains available. However, passing on the chance to make changes could cost you.
"The danger is that at the time of service, you'll be surprised when you have a different copay or out-of-pocket expense that you weren't anticipating," said Elizabeth Gavino, founder of Lewin & Gavino in New York and an independent broker and general agent for Medicare plans.