You might not think of October as the most important month of the year for retirees. But it is significant for several reasons.
First, October is when the Social Security Administration typically announces cost-of-living adjustments for the coming year. This year, that announcement was delayed by more than a week due to the government shutdown. However, currently, social insurance recipients know that in 2026 expects a 2.8% increase.
Second, October is when Medicare’s open enrollment period begins. From October 15 until December 7 Medicare students can make changes to their coverage, including:
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Switching from one Part D drug plan to another
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Switching from one Medicare Advantage plan to another
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Transitioning from Medicare Advantage to Original Medicare
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This is the first time you sign up for Medicare Advantage
However, there are some big pitfalls you can fall into when navigating your way to choosing a Medicare plan in 2026. And this is a mistake that you may very well regret.
When looking for a new Medicare plan, you can compare premium costs. But premiums are only one part of the puzzle. And if you base your decision solely on the cost of premiums, you could end up paying much more for your health care than you expected, not to mention the small benefits.
Your plan premium refers to the amount of money you pay each month for your coverage. But it doesn’t represent all your expenses.
For example, some Medicare Advantage and Part D plans have a $0 premium. But that doesn’t automatically make it the best plan for you.
There are other costs you’ll need to consider when choosing a Medicare plan, including:
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Deductions
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Pays for medicines
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General insurance
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Out-of-network costs
If you’re signing up for a Medicare Advantage plan, also recognize that different plans offer different benefits. A cheaper plan may cost you less, but also cover less. If you have to pay for certain services yourself, you could end up spending more next year, even though your plan has a lower premium.
Also, one known disadvantage of Medicare Advantage plans is that they limit you to a relatively narrow network of providers. Leaving your plan’s network may result in very high costs or no care for you at all.