Blog - Choosing the Right Medicare Plan

Why the Annual Review Matters

Medicare plans are not static. Even if you have been satisfied with your coverage in the past, changes to a plan’s "formulary" (the list of covered drugs), provider network, or cost-sharing structure can significantly impact your out-of-pocket expenses. Failing to review these updates can result in:

Higher Costs: You might end up paying more for your prescriptions if they move to a higher-cost tier.

Provider Disruptions: Your preferred doctors or specialists may no longer be in your plan’s network for the new year.

Missed Benefits: You could overlook new or improved benefits, such as expanded dental, vision, or hearing coverage, that weren't available previously.

What You Can Do During AEP

During this window, you have the flexibility to:

Switch from Original Medicare to a Medicare Advantage plan (or vice versa).

Change from one Medicare Advantage plan to another.

Add or drop a standalone Medicare Part D prescription drug plan.

How to Prepare

To make the most of this period, treat it as an annual financial and health check-up:

Review Your Mail: Pay close attention to the Annual Notice of Change (ANOC) and Evidence of Coverage (EOC) documents sent by your current plan. These outline exactly how your coverage will shift in January.

Use Official Tools: Utilize the Medicare Plan Finder to compare current options based on your specific medications and preferred providers.

Evaluate Total Costs: Look beyond monthly premiums. Consider total annual costs, including deductibles, copayments, and the maximum out-of-pocket limits.

If your current plan continues to meet your needs, you are not required to take any action; your coverage will simply renew. However, proactive review is the best defense against unexpected costs and coverage gaps.