By Jennifer Benson, AARP Massachusetts State Director
As autumn settles in, October emerges as a pivotal month for older Americans; a time when two major events converge that can have lasting impacts on your financial and health security. Whether you’re already retired or planning your next steps, it’s essential to keep abreast of both the upcoming Medicare open enrollment period and the annual Social Security cost-of-living adjustment (COLA) announcement.
Each fall, Medicare’s open enrollment window offers you the chance to review and, if needed, switch your insurance plans for the coming year. Yet, despite the potential for significant savings and improved benefits, only about 10 percent of Medicare beneficiaries actually change their coverage. This means millions may be missing out on thousands of dollars in savings or face unexpected costs for prescriptions, doctor visits, or new health needs.
There are several reasons why revisiting your Medicare choices each year matters:
- Your prescription costs might have changed.
- You may be planning to spend summers or winters in a different state, affecting your coverage.
- You might need a specific doctor for an upcoming surgery.
- Your health needs may have shifted—perhaps you’re newly diagnosed with a chronic condition, or, conversely, you’re in great health and want to adjust your plan accordingly.
- Your income may have dropped, opening the door to additional benefits or savings.
Reviewing your plan in October ensures your coverage suits your current needs and budget.
October also brings the announcement of the Social Security cost-of-living adjustment (COLA) for the following year. For over 50 years, the automatic annual COLA—secured with the help of AARP in 1972—has helped ensure that your benefits keep pace with inflation. This adjustment is especially critical for older adults, as Social Security is often the only source of inflation-protected income during retirement, helping you manage rising costs for groceries, housing, and prescription medications.
As I’m sure you know, Social Security turned 90 this summer. It is one of the most successful and popular initiatives in American history, helping generations of older Americans stay out of poverty and live with dignity. AARP will never stop fighting to protect the Social Security payments you earned.
Navigating these important programs can be overwhelming, but you don’t have to do it alone. AARP offers a wealth of resources, guides, and personalized tools to help you understand your Medicare options, maximize your Social Security benefits, and take advantage of new tax provisions. Whether you have questions about switching plans, understanding your benefits, or how legislative updates affect your finances, AARP is dedicated to empowering you with information and support. You can find all of it at aarp.org. Or you can attend online or in person events where you can ask questions. We have webinars coming up this month. You can find those at aarp.org/ma.
This October, take charge: review your Medicare options, watch for the Social Security COLA announcement, and turn to AARP for guidance on making the most of your retirement years.
Jennifer Benson is the State Director for AARP Massachusetts. For more articles visit www.fiftyplusadvocate.com.
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