Medicare's Open Enrollment Period — which runs from October 15 through December 7 — is your annual opportunity to switch your current Medicare health and prescription drug plans to ones that better suit your needs. Just in time for Open Enrollment, Medicare premiums, deductibles, and other costs have been announced, and surprisingly, some of these costs are lower than they were last year.

What to consider
Start by reviewing any materials your plan has sent you. Look at the coverage offered, the costs, and the network of providers, which may be different than last year. Maybe your health has changed, or you anticipate needing medical care, or new or pricier prescription drugs. If your current plan doesn't meet your health-care needs or fit your budget, you can make changes. But if you're satisfied with what you currently have, you don't need to do anything. The coverage you have will continue.

During Open Enrollment, you can:

• Switch from Original Medicare to a Medicare Advantage Plan
• Switch from a Medicare Advantage Plan to Original Medicare
• Change from one Medicare Advantage Plan to a different Medicare Advantage Plan
• Change from a Medicare Advantage Plan that offers prescription drug coverage to a Medicare Advantage Plan that doesn't offer prescription drug coverage
• Switch from a Medicare Advantage Plan that doesn't offer prescription drug coverage to a Medicare Advantage Plan that does offer prescription drug coverage
• Join a Medicare prescription drug plan (Part D)
• Switch from one Part D plan to another Part D plan
• Drop your Part D coverage altogether

Any changes made during Open Enrollment are effective as of January 1, .

Medicare Part B (Medical Insurance) costs for
Most people with Medicare who receive Social Security benefits will pay the standard monthly Part B premium of $202.90/month in . This premium is $5.20 lower than it was in due to lower-than-projected spending for a new drug, Aduhelm, and other Part B items and services. ¹

People with higher incomes may also pay a higher premium for a Medicare Part D prescription drug plan, because an IRMAA will be added to the Part D basic premium based on the same income limits in the table above. Part D premiums vary, but the average basic monthly premium for is projected to be $31.50 (down from $32.08 in ).

People with Medicare Part B must also satisfy an annual deductible before Original Medicare starts to pay. For , this deductible is $226 (down from $233 in ).

*This premium applies to a new benefit that extends coverage for immunosuppressive drugs for people who qualify for Medicare coverage due to end-stage renal disease. Prior to , Medicare coverage, including immunosuppressive drug coverage, ended 36 months after a successful kidney transplant. Beginning January 1, , Medicare will offer a new benefit that will help continue to pay for immunosuppressive drugs beyond 36 months for people who don't have other health coverage. It does not cover other items or services. Rates shown apply to people who file individual or joint tax returns. Premiums for beneficiaries filing as married filing separately are different.

Medicare Part A deductible of $1,736 in )

1) The Centers for Medicare & Medicaid Services,

Healthcare challenges are easier to navigate when you fully understand the medical coverage Blue Cross Blue Shield extends to employees and retirees. According to publicly available information, Blue Cross Blue Shield maintains an active defined benefit pension plan, which provides retirement income based on factors such as years of service and compensation history. Blue Cross Blue Shield does not appear to offer a formal retiree healthcare program, making healthcare coverage planning an important consideration if you retire before age 65. A retirement plan that fully integrates your Blue Cross Blue Shield benefits gives you the most accurate projection of your future financial picture.