Should I Review My Medicare Plan Every Year?

Reviewing your Medicare coverage each year is a smart habit. Medicare Advantage and Part D plans can change their costs, drug formularies, provider networks, and extra benefits from one year to the next. A plan that fit your needs this year may not be the best match next year, even if nothing about your health changes.

Each fall, your plan sends an Annual Notice of Change that summarizes what will be different in the coming year. Reading it helps you spot increases in premiums or copays, drugs being dropped from the formulary, or pharmacies leaving the preferred network. Your own situation may also change, such as new prescriptions or a new doctor.

The Annual Enrollment Period from October 15 to December 7 is the natural time to compare your current plan against other options and make any switch. You are never required to change, but reviewing helps you confirm you still have coverage that fits. A licensed Medicare advisor can compare plans for you so the review is quick and clear.

An annual review does not mean you have to switch plans. Many people find their current coverage is still the best fit and simply confirm that nothing important changed. The value of the review is the peace of mind that comes from checking, rather than discovering mid-year that your costs went up or a key medication is no longer covered.