One of the questions I hear most often is, “Robin, I like my Medicare plan. Do I really need to review it every year?”

My answer is always the same.

Yes.

Even if you are happy with your current Medicare plan, reviewing it each year is one of the smartest things you can do. That does not mean I expect you to change plans every year. In fact, after reviewing your options, you may decide your current plan is still the best fit. The goal is simply to make sure your coverage continues to meet your healthcare needs and your budget.

An annual Medicare review gives you the opportunity to understand what has changed, compare your options, and move into the new plan year with confidence.

Why I Recommend Reviewing Your Medicare Plan Every Year

When I meet with Medicare beneficiaries, I often hear people say they have had the same plan for years and have been satisfied with it. That is great to hear, but I still encourage them to take a closer look each fall.

Here’s why.

Provider networks, prescription drug coverage, premiums, deductibles, copayments, and out of pocket costs can all change from one year to the next. Even if your healthcare needs have stayed the same, your plan may not.

According to the Centers for Medicare & Medicaid Services (CMS), Medicare Advantage and Medicare Part D plans may update their benefits, provider networks, pharmacy networks, and cost sharing each year. Those changes can affect both your access to care and your overall healthcare expenses.

A Medicare plan review helps ensure there are no surprises when the new plan year begins.

Sometimes Your Needs Change Too

Your Medicare plan is only one part of the equation. Your healthcare needs can also change over time.

Maybe you started taking a new prescription medication.

Perhaps you began seeing a specialist more often.

You may have had surgery, started physical therapy, or developed a condition that requires more frequent medical care.

Even changes in your lifestyle or budget can influence which Medicare plan makes the most sense.

That is why I recommend reviewing Medicare coverage every year, even if you feel everything is working well today.

What I Review With My Clients

When I sit down with someone during Medicare Annual Enrollment, we do much more than compare monthly premiums.

We look at the complete picture.

Provider Networks

If you have a Medicare Advantage plan, I want to make sure your doctors, specialists, hospitals, and other healthcare providers are still participating in the plan.

Provider networks can change from year to year, so it is always worth confirming before your coverage renews.

Prescription Drug Coverage

Prescription drug plans can also change annually.

Your medications may move to different formulary tiers, pharmacy networks may change, or your out of pocket costs may increase.

Even if your prescriptions have not changed, I recommend reviewing your drug coverage every year.

Healthcare Costs

Monthly premiums are only part of your overall healthcare expenses.

I also review:

• Deductibles
• Copayments
• Coinsurance
• Prescription drug costs
• Maximum out of pocket limits for Medicare Advantage plans

Looking at your total expected annual costs often provides a much better understanding of how a plan fits your budget.

Supplemental Benefits

Many Medicare Advantage plans include benefits such as dental, vision, hearing, fitness memberships, transportation assistance, or allowances for certain over the counter items.

These benefits can change each year, so I review them carefully with my clients to determine whether they continue to provide value.

Your Annual Notice of Change Is Important

Each fall, your Medicare Advantage or Medicare Part D plan sends you an Annual Notice of Change, often called the ANOC.

This document outlines the changes that will take effect on January 1.

According to CMS, beneficiaries should review this notice carefully before deciding whether to keep their current plan.

I encourage every client to read this document. It provides valuable information about changes involving premiums, deductibles, prescription drug coverage, provider networks, and supplemental benefits.

It is one of the best tools available when preparing for Medicare Annual Enrollment.

Medicare Annual Enrollment Gives You Options

The Medicare Annual Enrollment Period runs from October 15 through December 7 each year.

This is your opportunity to review your current plan and compare it with other available options.

One thing I always emphasize is that reviewing your plan does not mean changing your plan.

Many of my clients review their options every year and confidently stay with their existing coverage because it continues meeting their needs.

Others discover another plan that better fits their doctors, medications, or budget.

Both outcomes are positive because the decision is based on current information rather than assumptions.

Common Reasons I Recommend Comparing Plans

There are several situations where I strongly encourage people to review their Medicare coverage.

These include:

• You started taking new medications.
• Your healthcare costs increased.
• Your doctor joined or left a provider network.
• Your healthcare needs changed.
• You received an Annual Notice of Change showing benefit updates.
• You simply want to know whether your current plan is still competitive.

Even one of these changes may be enough to justify a Medicare plan review.

Peace of Mind Is Worth the Review

One of the biggest benefits of an annual Medicare review is peace of mind.

Whether you decide to keep your current plan or enroll in a different one, you know your decision is based on accurate, up to date information.

You are not guessing.

You are making an informed choice about your healthcare.

That confidence is something I want every Medicare beneficiary to have.

My Advice

When someone asks me, “Robin, I like my Medicare plan. Do I really need to review it every year?” my answer will continue to be yes.

Not because I expect you to change plans every year.

Not because there is always something better.

But because Medicare plans change, healthcare needs change, and your financial priorities may change.

Taking a little time each year to review your options helps ensure your coverage continues to support your health, your doctors, your prescriptions, and your budget.

If it turns out your current plan is still the best fit, that is wonderful. You can move into the new year knowing you made an informed decision.

If you are preparing for Medicare Annual Enrollment and would like help reviewing your current coverage, I would be happy to walk through your options with you and answer your questions. Contact us to get started.