With open enrollment for Medicare starting in October, it's important to understand how Medicare Advantage plans will be different next year and how your expenses -- and treatment options -- may change. A thorough understanding of how your chosen plan works will help you minimize your healthcare expenses for the year.

Changes to existing plans

Before you decide to stick to the same plan you had in 2017, review it carefully to see if anything important has changed. The most common changes to Medicare Advantage plans include prescription formularies (the list of drugs that the plan covers and how much it charges for them), premiums (how much you pay for the plan each month), and cost-sharing (the percentage or dollar amount that the plan pays toward your medical expenses as you incur them).