Medicare Open Enrollment: 7 Questions to Ask Before You Change Plans

Medicare Open Enrollment runs from October 15 to December 7. With big updates coming in 2026, now’s the time to review your coverage, costs, and health needs. At Bank of Hawaii, we believe good decisions start with good information, so if you’re wondering whether or not to make any changes, here are 7 important questions to consider:

1. Does Original Medicare Cover What You Need?
   Original Medicare helps with hospital and doctor visits, but it doesn’t cover routine dental, vision, or hearing care, and most prescriptions aren’t included. If those benefits matter to you, it’s worth looking into Medicare Advantage or a supplemental plan—they may offer the extra coverage you need.
2. Did Your Income Change?
   Although premiums are fixed for Original Medicare, some Medicare Advantage plans let you adjust premiums and deductibles to better fit your budget.
   
   Financial tip: Opening an emergency savings account offers a way to save for high deductibles and out-of-pocket expenses.
3. Did Your Health Needs Change?
   It’s important to review your coverage—especially if you need access to more doctors or specialized care. Look for Medicare Advantage plans that offer broader benefits and access to the providers or services that fit your current situation.

4. Are Your Prescriptions Covered?
   Plans change every year. In fact, out-of-pocket cap for Medicare Part D (drug plan) will rise to $2,100 in 2026. That’s why it’s important to check which drugs are covered in your plan—and switch if you need to.
5. Will You Retire Next Year?
   Employer-sponsored health insurance usually ends when you retire. If you already have Medicare Part A (hospital insurance), you’ll need to add Part B (doctor visits, outpatient services) and Part D (prescriptions). But you don’t need to make changes now—you’ll have a Special Enrollment Period (SEP) when the time comes.
6. What If You Split Time Between Cities?
   If Vegas is your “second home,” or you can’t resist the grandkids in LA, it’s crucial to check your coverage. Many Medicare Advantage plans only cover emergencies outside your home area (Hawaii) and may not provide coverage abroad. Instead, look for an Advantage plan with out-of-pocket coverage.
7. What If You Move to the Mainland?
   With Original Medicare, your coverage and premiums stay the same no matter where you live in the U.S. But Medicare Advantage plans can vary by location—meaning your doctors, costs, and benefits may change—so review your options before you move. (Moving also qualifies for a Special Enrollment Period (SEP).)

Need Help Deciding?

Choosing the right Medicare Plan is just one piece of your financial future. If you’re interested in a more comprehensive approach to planning for retirement and protecting the lifestyle you’ve worked so hard to achieve, schedule a consultation with one of our local experts.

Frequently Asked Questions

What are the key dates for Medicare Open Enrollment?

• Medicare Annual Open Enrollment: October 15–December 7. Changes take effect: January 1 of the following year.
• Medicare Advantage Plan Open Enrollment: January 1–March 31 (For people already in a Medicare Advantage Plan.) Changes take place on the first day of the month after your plan receives your request.

What changes can I make during Medicare Open Enrollment?

• Switch from Original Medicare to a Medicare Advantage Plan
• Change from a Medicare Advantage Plan back to Original Medicare
• Switch to a different Medicare Advantage Plans
• Join a Medicare Drug Plan
• Switch from one Medicare Drug Plan to another
• Drop your Medicare drug coverage completely

Do I have to change plans during Medicare Open Enrollment?

No. If you're happy with your current Medicare Plan, no action is needed—your enrollment will continue.

Can I make changes during my company's Open Enrollment?

Although the timing is similar, Medicare Open Enrollment and your employer’s Open Enrollment are separate processes. Update your Medicare plans at Medicare.gov. For company’s open enrollment options, talk to your human resources department.

Your future deserves a thoughtful plan.
At Bank of Hawaii, we’re here to help you make informed choices and build a financial strategy that helps you live well—and be well. Let’s start the conversation.

This material has been prepared for informational purposes only, and is not intended to provide nor should it be relied upon for tax, legal or accounting advice. Please consult your tax, legal and/or accounting advisors for your specific situation.