Why You Should Review Your Medicare Plan Every Year

When it comes to your Medicare plan, it's important to remember that your healthcare needs can change year after year. Whether you’ve been enrolled in Medicare for a few years or you’re a new beneficiary, taking the time to review your Medicare plan annually can ensure that you're getting the best coverage possible. In this blog post, we’ll discuss why reviewing your Medicare plan each year is crucial, and how making sure it fits your needs can save you money and improve your overall healthcare experience.

1. Medicare Plans Change Annually
​One of the most significant reasons to review your Medicare plan every year is that plans can change from year to year. This includes changes to premiums, deductibles, coverage options, and the list of covered medications. The plan that suited your needs one year may not be the best option the next, so it's vital to stay on top of these changes to make sure your coverage continues to meet your healthcare needs.

Medicare Advantage and Prescription Drug Plans are updated annually by insurance providers. These updates might affect your costs and the doctors or pharmacies included in the network. A plan that worked for you last year may have increased premiums or limited coverage options, while another plan may have improved benefits at a better price. Reviewing your plan ensures you're not caught off guard by unexpected changes.


2. Your Health Needs Can EvolveAnother reason to review your Medicare plan is that your health can change over time. For example, you might develop a new medical condition, or your current prescriptions might change. These shifts can directly impact what kind of Medicare coverage would work best for you.

Medicare offers different plans that cater to specific health conditions and needs. If you were diagnosed with a chronic illness, you might find that a Medicare Advantage Plan with additional health benefits is a better fit. If you have new prescriptions, you’ll want to ensure that your current Medicare Prescription Drug Plan covers them at a reasonable cost. Evaluating your plan each year helps you adjust to your health needs, so you're not paying for coverage that no longer benefits you.

3. Medicare’s Annual Enrollment Period
The Medicare Annual Enrollment Period (AEP) runs from October 15 to December 7 each year. During this period, you can make changes to your existing Medicare plan, such as switching from Original Medicare to a Medicare Advantage Plan, changing your prescription drug coverage, or adding supplemental insurance. This is the perfect time to make sure your Medicare plan continues to provide the coverage you need, at a price that works for your budget.

If you miss the AEP, you could be locked into your current plan for another year. To avoid this, it's a good idea to start reviewing your plan early, so you’re prepared to make any changes you may need. This period is your opportunity to make any necessary adjustments to your plan without facing penalties, so don’t let this important deadline pass you by.

4. Plans Can Have Hidden Costs
While you might be happy with your current Medicare plan, it’s possible that hidden costs could be affecting your budget. For example, the premium may look low at first glance, but the co-pays, deductibles, or coverage limitations might add up over time. Reviewing your plan annually allows you to assess whether your current plan still offers the best value or if there’s a better alternative available.

Also, keep in mind that your current plan may not cover everything you need. For instance, many Medicare Advantage plans may include extra benefits such as dental, vision, and hearing, which Original Medicare doesn’t cover. If these services are important to you, a Medicare Advantage Plan could save you a significant amount of money compared to paying for these services separately. This type of annual review ensures that your healthcare spending remains in line with your overall financial goals.

5. Avoid Unexpected Coverage Gaps
Another reason to review your Medicare plan every year is to avoid gaps in coverage. If you don’t keep track of changes to your plan or don’t review it during the Annual Enrollment Period, you may find yourself without coverage for a specific service or medication. This is especially true if your current plan changes its provider network or alters what’s covered under the prescription drug plan.

For example, if a pharmacy you use stops being part of your plan’s network, you could end up paying higher out-of-pocket costs for your medications. A quick review each year can help you identify these potential gaps and make adjustments to ensure that your medical needs continue to be met.

6. Access to New Plans and Providers
Medicare plans often evolve to include new benefits, networks, and providers. Reviewing your plan each year can help you discover new offerings that weren’t available before. For instance, Medicare Advantage Plans sometimes add new services like transportation for medical visits, wellness programs, or access to a broader range of healthcare professionals. These new benefits could be a valuable addition to your healthcare coverage.

Additionally, if your preferred doctors or specialists aren’t part of your plan’s network anymore, you might want to switch to a different plan that includes them. Taking the time to review your options each year helps ensure that you can continue seeing the healthcare providers you trust.

7. Take Advantage of Free Resources and Tools
One of the best ways to stay informed about your Medicare options is to use free resources available to you. Many Medicare insurance agencies provide online tools, webinars, and consultations to help you review your plan and understand any changes that may affect you. These resources can save you time and ensure you’re making the right decision when it comes to your healthcare coverage.

For instance, at Simple Medicare Class, we offer a free online webinar to help you better understand how Medicare works, and how to evaluate your options. The webinar provides easy-to-follow instructions on how to compare plans and find the one that best suits your needs. It’s a great starting point for anyone who wants to make sure they’re getting the best Medicare coverage for their situation.

8. Get Expert Advice
Choosing the right Medicare plan can be a complicated process, but you don’t have to do it alone. If you need assistance understanding your options or reviewing your current plan, don’t hesitate to reach out to a Medicare expert. They can walk you through the details, help you compare plans, and answer any questions you may have.

If you’re unsure about which plan is right for you, or if you want help with any part of your Medicare decision-making process, our team is available to assist you. You can call us at +1 (888) 394-0149 to speak with an expert who can guide you through your options.

9. Don’t Wait Until It’s Too Late
Many people put off reviewing their Medicare plan until something goes wrong—such as unexpectedly high out-of-pocket costs, a missed prescription, or a change in their health. However, waiting until an issue arises could mean facing more significant problems later on. By regularly reviewing your plan, you can catch potential issues early and avoid major disruptions in your healthcare coverage.

By reviewing your plan each year, you ensure that you have time to make any necessary changes before it's too late, giving you peace of mind for the year ahead.

Conclusion: Taking the time to review your Medicare plan annually is essential to ensuring that your coverage remains aligned with your current health needs, financial situation, and preferences. By staying informed about changes to your plan, you can avoid hidden costs, access new benefits, and prevent any unexpected coverage gaps.

Don’t wait for problems to arise—take action today by reviewing your plan during the Annual Enrollment Period. Make sure your Medicare plan fits your needs, so you can focus on staying healthy and enjoying your retirement without worrying about your healthcare coverage.

Need help with your Medicare plan?
We’re here to help. Watch our free online webinar at www.simplemedicareclass.com for more information on how to review your plan, or call us at +1 (888) 394-0149 to speak with an agent. Let us help you find the best Medicare coverage for you.

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