Why Should You Check Your Medicare Plan Every Year?

Key takeaways

• Review your Medicare plan each fall, as Tricia Sandiego notes plans may change yearly.
• Ensure your medications and doctors remain covered to avoid unexpected costs or gaps.
• Use open enrollment to adjust coverage, reflecting any new health needs or life changes.

Summary

Medicare open enrollment is the best time to review your Medicare plan to make sure it still fits your health and budget needs. Tricia Sandiego emphasizes that Medicare plans can change every year — premiums, drug coverage and in-network doctors may shift, leaving you paying more or getting less if you don’t check your options. Reviewing your plan each fall ensures your medications are still covered and your doctors remain in network, while helping you avoid surprise costs and making sure your coverage reflects any new health conditions or changes in your lifestyle.

Taking a few minutes to compare Medicare plans during open enrollment can help you avoid costly mistakes and find a plan that’s better suited for your current needs. If you find that your plan doesn’t match your lifestyle or you missed key benefits, open enrollment is your chance to make adjustments without penalties. Visit aarp.org/medicare for more advice on how to confidently navigate your Medicare choices.

The key takeaways and summary were created with the assistance of generative AI. An AARP editor reviewed and refined the content for accuracy and clarity.

Full Transcript:

[00:00:00] Every year, you get a chance to make changes to your Medicare plans fromOctober 15 to December 7, and it’s worth taking seriously.

[00:00:08] If you don’t, you could end up spending more for less of the coverage you need. Medicare health and drug plans aren’t set it and forget it.

[00:00:17] Your monthly premiums, deductibles, copays, and even what doctors and pharmacies are in network can change year to year.

[00:00:24] What worked this year may no longer work for you next year, and reasons to change plans vary from person to person.

[00:00:32] One reason to look at your plan each year is that Medicare drug plan coverage can undergo some big changes. Each year,

[00:00:39] plans update the list of drugs they cover. Depending on your plan, the medications you take might have moved to a higher

[00:00:46] cost tier, require prior authorization or no longer be covered at all. Your Medicare drug plan will inform you annually of any changes each September.

[00:00:56] A quick review can help you avoid surprise costs at the pharmacy. Another reason to review your coverage is doctor visits.

[00:01:04] The best way to make sure your general practitioner or any important specialist is in the plan’s network is to ask them directly. When deciding to make a doctor

[00:01:13] change, it might be safer and cheaper to ask your doctor to recommend a colleague in your current plan.

[00:01:19] Being out of network can cost you. A third reason you wanna review your plan options each year is

[00:01:25] your health may have changed. Maybe you’ve been diagnosed with a new condition. Maybe you need more frequent care or want access to specialists

[00:01:33] for an upcoming surgery. Maybe you’re super healthy and you find yourself needing less medical care. Reviewing your plan options helps you make sure your coverage

[00:01:42] matches your current needs. Also, making sure you have an affordable plan is another important

[00:01:48] reason to review your plan. Sometimes people enroll in a plan that doesn’t fit their lifestyle or budget.

[00:01:55] Maybe you picked a plan quickly or didn’t realize what was covered. Open enrollment is your chance to correct those mistakes without penalties.

[00:02:03] Remember, open enrollment runs from October 15 to December 7 every year.

[00:02:09] If you miss it, you could be stuck with your current plan for another year, even if it no longer works for you.

[00:02:16] Your health isn’t the same year to year, and your coverage should reflect your current needs. Mark your calendar, compare your options, and make sure your Medicare

[00:02:25] plan is still the right fit. Visit aarp.org/medicare if you’re interested in more advice on

[00:02:32] how to navigate your Medicare choices.