Is Your Medicare Coverage Still the Best Fit? Why It Pays to Review It Now

Each fall, Medicare gives millions of enrollees an important chance to look over their health coverage. Yet many people let the open enrollment period go by without making any changes, assuming their current plan is still the right one.

That may feel easier, but skipping open enrollment can be a mistake. Here are a few reasons it makes sense to examine your Medicare options while you have the chance.

Plans can change from year to year

Medicare Advantage and Part D prescription drug plans are not fixed. Insurance companies often revise premiums, benefits, and coverage details each year.

A plan you have now could be changing in ways that raise your costs next year, such as moving medications into a different tier. Monthly premiums, annual deductibles, and out-of-pocket maximums can also go up.

Be sure to read your plan’s annual notice of change so you do not miss important updates. That information may help you decide whether a different plan would suit you better for the coming year.

You may be able to reduce your costs

Comparing plans during open enrollment can uncover real savings. A plan in your area may offer similar coverage, or even better coverage, for a lower premium or a smaller deductible.

Extra benefits can also make a difference. For example, if one Medicare Advantage plan includes a gym membership at no added cost while your current plan does not, you could avoid paying that expense yourself.

Your health situation may be different now

Your medical needs may have changed since you last chose a plan. You may have received a new diagnosis, started a new medication, or lined up a procedure.

Because of that, the plan that worked well before may no longer be the best match. A new health issue, for instance, might make additional benefits more valuable than what your current Medicare Advantage plan provides, while another plan could offer them.

Act before the deadline

Medicare’s open enrollment period runs through Dec. 7, which gives you a limited window to make changes for the coming year. Still, it is best not to wait until the final days.

Over the next few weeks, gather your current prescriptions, check with your doctors to confirm they are in network, and use Medicare’s online Plan Finder to compare options in your ZIP code. A few hours of review could help protect both your health and your budget all year long.