Every fall, millions of Americans turning 65 or already enrolled in Medicare face one of the most important times of the year: Medicare Open Enrollment. This annual window is your chance to review, adjust, or change your healthcare coverage for the upcoming year.
With 2026 around the corner, there are some important updates and trends that beneficiaries should be aware of. At Hanford Insurance, we believe the best way to make confident decisions is by staying informed — and having a trusted advisor by your side.
Medicare Open Enrollment — also known as the Annual Enrollment Period (AEP) — runs from October 15 through December 7 each year. During this time, you can:
Switch from Original Medicare (Parts A and B) to a Medicare Advantage plan (Part C), or vice versa.
Change from one Medicare Advantage plan to another.
Join, drop, or switch a Part D prescription drug plan.
Add or adjust a Medicare Supplement (Medigap) policy (though Medigap rules vary by state).
Any changes you make during this window go into effect on January 1 of the following year. For 2026, that means the coverage you choose this fall will guide your healthcare starting January 1, 2026.
Even if you’re happy with your current plan, it’s smart to review your options each year. Here’s why:
Plans Change – Insurance carriers often adjust premiums, copays, deductibles, and drug formularies annually. The plan that worked for you in 2025 may cost more or cover less in 2026.
Your Needs Change – Your health, prescriptions, or preferred doctors may have changed since last year. Open Enrollment ensures your coverage keeps pace with your life.
New Options Appear – Each year, carriers introduce new Medicare Advantage or Part D plans with different benefits, networks, or pricing. You may find a plan that saves you money or offers extra perks.
Financial Protection – Reviewing your plan can help avoid unexpected costs, such as high drug expenses or surprise out-of-network charges.
While official plan details won’t be available until late summer 2025, there are several trends already shaping the Medicare landscape for 2026:
Prescription Drug Cost Caps: The Medicare drug pricing reforms from the Inflation Reduction Act are continuing to roll out. In 2026, out-of-pocket costs for prescription drugs will be capped at $2,000 annually — a significant change for seniors with high medication expenses.
More Preventive & Wellness Benefits: Medicare Advantage plans are expected to expand coverage for dental, vision, and hearing services, along with fitness and telehealth benefits.
Telehealth Integration: Expect continued emphasis on telehealth services, making it easier to see doctors virtually — especially valuable for rural communities.
Greater Plan Variety: Competition among carriers will likely bring more plan options in Illinois and Iowa, giving beneficiaries more flexibility but also more complexity in choosing.
Focus on Chronic Conditions: Plans are increasingly tailoring benefits for people with diabetes, heart disease, and other chronic illnesses — offering disease management and cost-saving programs.
Here are some practical steps to take before the October 15–December 7 window:
Review Your Current Plan Statement – Look for the “Annual Notice of Change” your plan provider sends in September. It outlines what’s changing for 2026.
Make a List of Your Doctors & Medications – Having this list handy helps ensure your plan still covers your providers and prescriptions.
Compare Costs, Not Just Premiums – Consider deductibles, copays, and drug costs in addition to monthly premiums.
Think About Your Health Needs – If your health has changed, your coverage should too.
Consult a Local Agent – Sorting through dozens of plans on your own can be confusing. Hanford Insurance agents help compare options and explain tradeoffs clearly.
Open Enrollment doesn’t have to be overwhelming. At Hanford Insurance, we simplify the process:
Personal Guidance: We sit down with you, review your current coverage, and identify potential gaps or savings.
Plan Comparisons: We shop multiple carriers to find the plan that fits your health and financial goals.
Local Expertise: As an independent agency serving Illinois and Iowa, we understand the doctors, hospitals, and carriers in your area.
Ongoing Support: Once you enroll, we’re still here — answering questions, assisting with claims, and reviewing annually to ensure you’re always in the right plan.
Medicare Open Enrollment is your opportunity to take control of your healthcare coverage. With changes on the horizon for 2026 — including prescription drug caps and expanded benefits — now is the time to prepare.