Avoid these 3 mistakes when picking a Medicare plan during open enrollment

What goes down between October 15 and December 7 each year? The answer isn't National Pumpkin Spice Appreciation Season, as much as we'd love it if that were a thing. It's Medicare open enrollment time!

Why should you care? In short, this is the best opportunity to plan for your coming healthcare coverage needs. Here's how to approach it as a more proactive medical consumer.

Medicare is a government program, but it has something in common with private insurance — at least from the consumer's perspective. 

Finding a good plan is all about choosing something that fits your unique requirements. Avoid making these three mistakes when you're picking your coverage.

Your medical needs might change during the coming year. Your coverage ought to keep up.

Start by taking the time to understand what you're getting from your healthcare. Policies are uninspiring reading material, but looking for the major highlights may make yours more digestible. For instance, you'll want to gather information including:

• The names and dosages of the current medications you take

• Records about any procedures you underwent in the previous year

• Bills for specialist consultations, regular checkups, and other forms of care

• The amounts you paid for medical devices you currently use

It's kind of like shopping for a vehicle upgrade or a replacement appliance. Thinking about what you had before puts what you're getting in context. 

This approach also helps you understand what kinds of coverage you'll need at a bare minimum. Even if you don't find a better policy, you'll at least be more aware of your healthcare costs.

Medicare plans are required to issue an Annual Notice of Change, or ANOC, every September. These letters tell you all about updated costs

coverage limits, and service areas.

Most of these changes go into effect sometime in January after you receive the notice. Paying close attention makes it easier to find new coverage that fills any gaps.

Medicare plan providers often use open enrollment periods to market their products and services. You might see a lot of enticing promotions around this time. But don't jump at the first discount you run into — shopping around is the only way to do yourself justice.

Not every great deal is as amazing as it seems. For instance, a cheap plan could become way more expensive when you account for out-of-pocket costs. 

The solution? Compare plans on a term-by-term basis, and don't wait until fall to get started. Kick off your self-education early to keep yourself on solid footing.