If you're happy with your Medicare coverage, you may wonder whether you need to review it every year. The short answer is that a review is a good idea — but reviewing doesn't mean you have to switch.
At Count On Us Advisors, we believe understanding your options is just as important as choosing coverage.
Why review your coverage annually?
Medicare Advantage and standalone Part D prescription drug plans can change their costs and coverage from one year to the next. Even if your own healthcare needs haven't changed, your plan may have.
- Your doctors and hospitals: Check whether your preferred providers participate in the plan's network for the coming year.
- Your medications: Review the plan's covered-drug list (formulary), pharmacy network, and prescription costs.
- Your expenses: Compare premiums, deductibles, copays, coinsurance, and applicable out-of-pocket limits.
- Additional benefits: Review benefits you use, such as dental, vision, hearing, or fitness services, if offered by your plan.
- Whether the plan is continuing: If your plan won't be offered next year, review your notice and the enrollment rights and deadlines that apply to you.
What is an Annual Notice of Change?
Medicare Advantage and Part D plans send an Annual Notice of Change (ANOC) explaining important changes for the coming year. Read this notice carefully rather than assuming your coverage will stay exactly the same.
When can I change coverage?
The Medicare Annual Enrollment Period runs from October 15 through December 7. During this time, eligible Medicare beneficiaries can make certain Medicare Advantage and Part D coverage changes, generally effective January 1.
What if I like my plan?
You do not have to change plans just because it's Annual Enrollment. If your plan continues and still fits your medical needs and budget, keeping it may be reasonable. Reviewing the details helps you make an informed choice.
Have questions about your Medicare options?
Hi, I'm Michelle with Count On Us Advisors. I offer friendly, personal, no-pressure Medicare guidance. If you'd like help reviewing available options, schedule a free consultation.
Or call or text 727-758-4060.
This article is general educational information and is not a substitute for plan documents or official Medicare guidance. Visit Medicare.gov for more information.