One of the nice things about Medicare is that once you sign up for coverage, you have the option to change it. In fact, every year, Medicare holds an open enrollment period that runs from Oct. 15 through Dec. 7. During that time, existing enrollees can make changes to their plans.

You may, however, be reasonably happy with your Medicare coverage and decide not to participate in open enrollment. If you do nothing, you won't lose your existing coverage. That's yours to keep as long as you continue to pay your premiums. However, opting out of open enrollment could end up costing you big time in the new year.

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Source Fool.com