Medicare Annual Enrollment Period: What You Should Review Every Year
Medicare Annual Enrollment Period: What You Should Review Every Year
Medicare Annual Enrollment runs October 15 through December 7 each year. During this time, Medicare beneficiaries can make important changes to their coverage.
Even if your plan worked well last year, reviewing it annually is critical.
What You Can Change During Annual Enrollment
- Switch Medicare Advantage plans
- Return to Original Medicare
- Add, drop, or change a Part D prescription drug plan
- Change from Medicare Advantage to a different plan
What You Should Review Each Year
1. Prescription Drug Coverage
Plans change their formularies every year. A medication covered last year may cost more, or not be covered at all, this year.
2. Provider Networks
Doctors and hospitals can leave networks. Always confirm your providers are still in-network.
3. Monthly Premiums and Copays
Premiums, copays, and deductibles can increase annually.
4. Extra Benefits
Dental, vision, hearing, and transportation benefits often change.
5. Plan Notices
Review your Annual Notice of Change (ANOC) carefully. This document outlines what’s changing for the upcoming year.
What Happens If You Don’t Review Your Plan?
You could face:
- Higher drug costs
- Out-of-network doctors
- Reduced benefits
- Unexpected out-of-pocket expenses
A free Medicare plan review can help ensure your coverage still fits your needs and budget.
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