Why You Should Review Your Medicare Plan Every Single Year (And Most People Never Do)
Most people pick a Medicare plan, breathe a sigh of relief, and never look at it again. That's understandable. It's exhausting to research these plans in the first place.
But here's the problem: Medicare plans don't stay the same. They change every year — sometimes in ways that cost you real money.
Plans Change. Your Coverage Might Not Be What You Think.
Every year, Medicare Advantage and Part D drug plans can change their premiums, copays, deductibles, drug formularies (the list of covered medications), and even which doctors and hospitals are in their network.
That means the plan you chose three years ago may look very different today. A drug that was fully covered might now require prior authorization. Your favorite specialist may have left the network. Your premium may have crept up without you noticing.
None of this is hidden. The insurance companies send out an "Annual Notice of Change" letter every fall. Most people set it aside without reading it.
The Open Enrollment Window
Every year, from October 15 through December 7, Medicare holds Open Enrollment. During this window, you can:
Switch from one Medicare Advantage plan to another
Switch from Medicare Advantage back to original Medicare
Join, switch, or drop a Part D drug plan
Changes made during this window take effect January 1 of the following year.
This is your window to correct a plan that isn't working for you. If you don't use it, you're locked in for another year.
What Three Years on the Wrong Plan Can Cost
Here's a real-world example of why this matters.
Let's say in 2021 you picked a Medicare Advantage plan with a $0 premium and your two primary medications were covered with a $10 copay.
In 2022, that plan changed your medications to a higher formulary tier. Your copay went from $10 to $65 per drug. You didn't catch it.
In 2023, your cardiologist left the network. You kept seeing her out-of-network. Your share of those visits went from $30 to $180 each.
By 2024, you've spent several thousand dollars more than you needed to — all because the plan changed and nobody reviewed it.
That's not an unusual story. It happens more than people realize.
What a Medicare Review Actually Looks Like
A lot of people avoid reviewing their plan because they assume it'll be complicated and time-consuming. It isn't.
A good Medicare review takes less than an hour. Here's what it covers:
Are your doctors still in-network on your current plan?
Are your medications still covered at a reasonable cost?
Has your premium or out-of-pocket maximum changed?
Has anything in your health situation changed that might make a different plan a better fit?
That's it. You look at where you are, compare it to what else is available, and decide whether to stay or switch.
Working with an independent agent makes this even easier. They can pull up every plan available in your area, run your medications through the formularies, and show you a clear comparison — usually in a single appointment.
The Bottom Line
Your health situation changes. The plans change. Prices change. A plan that was the right fit at 65 may not be the right fit at 68.
The good news is that the system gives you a chance to fix it every single year. Most people just don't take it.
Key Takeaways
Medicare plans can change premiums, drug coverage, and doctor networks every year
Open Enrollment (Oct 15 – Dec 7) is your annual window to make changes
A yearly Medicare review takes less than an hour and can save you significant money
If you haven't reviewed your Medicare plan in the last year — or ever — we'd love to take a look with you. It's a quick conversation, and it might save you more than you'd expect. Reach out anytime.
