Medicare enrollees encouraged to compare plans during open enrollment

(KOAA) — Medicare beneficiaries have until Dec. 7 to review their health coverage and make changes for 2027, and experts are urging them not to automatically renew their current plans without shopping around.

Costs, deductibles and covered benefits can shift from year to year, which may leave people paying more or with coverage that no longer fits their needs.

“This is a market that can change a lot from year to year,” said Leigh Purvis, prescription drug policy principal with the AARP Public Policy Institute. “We have been really strongly advocating for people to take a look at their option.”

Purvis said beneficiaries should check whether their current plan will still be available, whether premiums are changing and how much they will owe for medical care. They should also confirm that the services they rely on are still included. Even those happy with their current plan should spend time comparing options, she said.

“Because plans can change so much, what works for you this year may not work for you next year,” Purvis said. “And in fact, it could be significantly more expensive or may not even cover the services you need.”

She also warned against selecting a plan based only on the monthly premium. A lower premium may look cheaper at first, but a plan with a higher premium could offer better coverage and lower out-of-pocket costs.

“Oftentimes what you'll find is the plan with a higher premium may actually have lower cost sharing and could cover more services because the coverage is just more generous,” Purvis explained.

She advised beneficiaries to total up both premiums and out-of-pocket expenses before deciding.

“It's important to look at the big picture and simply do the math, make sure that the total costs are something that work for you and not just look at that premium,” she said.

For people who need help sorting through their choices, Purvis pointed to the State Health Insurance Assistance Programs, which offer personalized Medicare counseling in every state. Information is available at SHIPHelp.org. Colorado residents can also find state-specific information by clicking here.

AARP also provides Medicare information and resources at AARP.org/Medicare.

Prescription drug costs are another important factor to consider when reviewing coverage for 2027. According to AARP, Medicare Part D's updated out-of-pocket spending cap will keep beneficiaries from paying more than $2,400 for covered prescription drugs next year. Purvis also noted another round of Medicare-negotiated drug prices set to take effect in 2027. The medications include Ozempic and the cancer drug Ibrance, among others. She said the lower negotiated prices could ease costs for people struggling to afford their prescriptions.

In the end, Purvis said reviewing Medicare coverage should be an annual habit rather than something people assume will take care of itself.

“The most important thing for people to get, keep in mind is that it is really important that you shop,” she said. “This can have a real impact, and we want to make sure that no one is unpleasantly surprised in January if they find that their plan has changed.”

The Medicare open enrollment period gives beneficiaries time to compare coverage and make changes before the 2027 plan year begins.

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