3 Medicare Open Enrollment Myths That Could Cost You

We're less than one week away from the start of open enrollment, the period when Medicare beneficiaries can make important changes to their coverage. If you're already on Medicare, it's important that you seize the opportunity to lower your out-of-pocket healthcare costs in 2021. At the same time, though, make sure you don't fall victim to these myths that could cause you to make some pretty poor choices in the coming weeks.

Each year, your Part D or Medicare Advantage plan is required to provide you with a notice of change, and at this point, you should already have access to that document. Your plan will outline the changes in coverage you can expect. While those may end up being minor in nature, they could also be significant.

For example, if you have a Part D drug plan, you may be notified that one of the medications you take has now been grouped into a higher tier, resulting in a much higher copay for you. As such, don't assume that your plan won't change for the worse because it may -- in which case, it could make sense to switch to a different plan while you can.

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Source Fool.com