Medicare Open Enrollment 2026: Save Money & Pick the Right Plan!

 Join George Jameson, CFP and founder of Capital Wealth Group, as he breaks down Medicare Open Enrollment 2026. Learn how to choose the right plan, review Part D coverage, and avoid costly mistakes in retirement. 

 Welcome to "The Retirement Guide" Podcast! I'm your host George Jameson, owner of Capital Wealth Group, a Fee Only Advisory firm. Whether you’re nearing retirement or already retired, Join me each week as we explore the world of retirement planning and equip you with the knowledge and tools you need for a successful retirement.

Thank you for tuning in to this episode of The Retirement Guide. If you enjoyed this episode, please subscribe & leave a review. If you'd like a free 30-minute retirement review, visit our website at www.capitalwealthplan.com to schedule.

This is for education only.It is not tax, legal, or investment advice. Before  acting on any information consult your tax, legal, or investment advisor.

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Transcript

 Hi, and welcome to Your Retirement Guide. I'm George Jameson. I'm a certified financial planner and founder of Capital Wealth Group in Columbia, South Carolina. Today we're talking about Medicare. And the annual open enrollment period, which runs from October 15th through December 7th, if you're preparing for retirement or even already on Medicare, keep listening.

This is important either way, because taking an hour or two during open enrollment to review your coverage for 2026 can save you money and prevent surprises. Premiums, deductibles, drug coverages and provider networks can all change from year to year. Sticking with last year's plan without reviewing, it could cost you more money if you don't have the plan that's right for you.

If you can afford the premiums, I recommend sticking with traditional Medicare. That means having part A and part B for hospital and medical coverage, and then adding a Medigap policy to cover what Medicare doesn't like, copays, co-insurance, and deductibles.

And in addition, you want to add a Part D drug plan for your prescriptions.

Right now the most popular Medigap plans are Plan G and Plan N. Plan F is no longer available. If you became eligible after 2020 , so G and N are your best options. Traditional Medicare offers more predictable coverage and provider access, which is especially important in retirement.

If you currently have a Medicare Advantage plan and can afford traditional Medicare, I recommend talking to a Medicare expert. And switching now if you can. Doing so could give you a more predictable coverage and peace of mind. However, if you switch from Medicare Advantage back to original Medicare after your initial enrollment period, your insurance company may require medical underwriting and could deny coverage or charge higher premiums based on your health.

Now some states have additional protections allowing you to get Medigap , when leaving Medicare Advantage, but it's not universal. So you definitely want to contact a Medicare specialist.

Now let's talk about prescription drug coverage. You don't want to overlook this, reviewing your Part D drug plan is crucial. Part D plans are flexible. You can review and change them every year during open enrollment,

the benefits networks and pricing can shift on an annual basis. So reviewing it ensures your plan still works for your medications and your budget. If you have a Medicare Advantage plan instead, reviewing it is also important because again, premiums, networks and drug coverage can change from year to year.

So let's talk about matching the plan to your prescriptions. The easiest way to compare plans is to start with your Medicare, is to start with your medication list. If you have mostly generics, a low premium part D plan usually works fine since generics tend to have low copays.

However, if you have brand name or specialty drugs, you may benefit from a more comprehensive plant, even if the premium is higher. Because it often lowers your total annual cost with better coverage for expensive medications.

The key is to focus on your total annual cost, not just your monthly premium, of course, which includes premium deductibles, copay, and co-insurance, and let's look at some other considerations, a few other factors that can impact your total cost. Preferred pharmacies. Many plans offer lower copays at certain pharmacies, sometimes switching, where you fill prescriptions can save you a lot of money.

And now let's talk about the coverage gap in Part D, also called the donut hole. So Part D has a stage where your costs temporarily increase once total drug spending hits the threshold. Plans differ in how they handle this, so it's worth looking into.

And then some common mistakes retirees make include picking a plan based only on the premium forgetting to update their medication list, or assuming a last year's plan is still the best fit.

Now let's look at how to compare plans. The easiest way to review your options is the Medicare plan finder@medicare.gov. You can enter your zip code, add your medications, and even select your preferred pharmacies, and then compare plans side by side, including your estimated total annual cost. Even if you're happy with your current plan, spending an hour or so during open enrollment using the plan finder may save you hundreds or even thousands of dollars a year. So what's the bottom line for most retirees who can afford the premiums? Sticking with traditional Medicare plus a G or N Medigap plan and a Part D drug plan is usually the best way to manage healthcare cost in retirement.

But even if you have traditional Medicare, you still want to review your Part D plan each year during open enrollment if you have a Medicare Advantage plan.

It is also important to review your plan as well. You may want to find a different advantage plan or switch to traditional Medicare if possible, and if it's within your budget.

Make sure your coverage fits your medications, preferred pharmacies and your budget. Thanks for listening to your Retirement Guide show. If you found this helpful, subscribe to the podcast and share this episode and make sure you take a few minutes during open enrollment to review your Medicare coverage.

Small adjustments now can make a big difference in keeping healthcare costs manageable throughout retirement. Again, I'm George Jameson, a certified financial planner and founder of Capital Wealth Group. Thanks for listening and have a great day.