Do You Need to Review Your Medicare Plan If You’re Happy With It?

Posted by Rolando Arellano, J.D.
Estimated Reading Time 1 minute 32 seconds

Many Medicare beneficiaries feel satisfied with their current coverage and assume that if nothing has changed, there is no need to make changes. While it might be tempting to skip the review process during Medicare’s Annual Election Period, taking the time to evaluate your plan each year is one of the smartest decisions you can make. Even if you are happy with your plan today, small changes can have a big impact on your coverage and your budget.

One of the main reasons to review your plan is that Medicare Advantage and Part D prescription drug plans can change each year. Monthly costs, deductibles, and copayments may be adjusted, and your prescription drug formulary might not look the same as it did last year. A medication that was previously covered affordably could become more expensive, or in some cases, no longer covered. These shifts can significantly affect your out-of-pocket costs.

Your healthcare needs also evolve over time. Maybe you have been prescribed a new medication, developed a health condition, or started seeing a specialist. A plan that worked well for you in the past might no longer be the best fit for your current circumstances. Reviewing your options ensures that your coverage continues to align with your healthcare needs.

Provider networks are another factor to consider. Some Medicare Advantage plans may drop doctors or hospitals from their networks. If you want to keep seeing your preferred providers, it is important to confirm that they remain in your plan’s network each year.

Finally, new plans and coverage become available regularly. By taking the time to review your options, you might discover a plan that offers suitable coverage, lower out of pocket costs, or that could improve your quality of life.

The bottom line is simple: even if you feel satisfied, an annual Medicare plan review helps you avoid surprises and ensures you are receiving the best coverage for your needs.

If you are unsure whether your plan is still the right fit, contact us as Medicare’s Annual Election Period approaches. We can help you review your options during AEP and make sure you have the coverage that works best for you. Connect with us!