Annual Medicare Plan Reviews: Why They Matter More Than You Think

Posted by Bryce Korngold
Estimated Reading Time 1 minute 13 seconds

Many Medicare beneficiaries enroll in a health plan and simply allow it to renew year after year. While that may seem like the easiest approach, it’s not always the smartest one. Your healthcare needs change over time, and so do Medicare plans. That’s why an annual Medicare plan review is one of the most valuable steps you can take to ensure you’re getting the coverage that best fits your needs.

A Medicare review isn’t just about changing plans. In many cases, it confirms that your current coverage is still the right choice. However, it’s also an opportunity to identify potential gaps or discover benefits that may better serve your health and budget.

Start by thinking about how your healthcare has changed over the past year. Have you been diagnosed with a new medical condition? Are you taking additional prescription medications? Have you started seeing a specialist or changed primary care physicians? Even small changes can affect which Medicare plan offers the greatest value.

Your financial situation may have changed as well. Monthly Costs, deductibles, copayments, and prescription drug costs can vary from year to year. A plan that was affordable last year may no longer be the most cost-effective option for the coming year.

It’s also important to review the coverage included in your plan. Plans may change annually, making it worthwhile to understand exactly what your current plan provides.

Another reason to schedule a review is to prepare for Medicare’s Annual Election Period (AEP), which begins each year on October 15 and runs through December 7. Waiting until AEP begins can leave you scrambling to review plans before the deadline. By reviewing your healthcare needs in advance, you’ll have plenty of time to understand your options and make informed decisions before enrollment officially opens.