Should You Review Your Medicare Plan Every Year?

A study conducted last year revealed that about 70% of Medicare beneficiaries did not compare their options in previous years. This raises important questions: Should you review changes to your plan each year? Should you explore other plans annually? Why is it important to do this?

While health plans often maintain consistency in standard coverage, significant changes can and do occur. Typically, these plans make minor adjustments, like modifications to ambulatory services or a $10 increase for specialist visits. However, it's crucial to recognize that more substantial alterations can impact your coverage. One of the most significant changes can involve the drug formulary. This means that a crucial medication you relied on last year might suddenly no longer be covered. If your prescription drugs fall outside of your plan's coverage, you could find yourself facing unexpected and increased out-of-pocket costs for essential medications.

Even with small changes, you might discover that a different company or plan covers everything just as well as the previous year, and it could even be less expensive. With that in mind, what are your thoughts? Do you think it’s worth looking at different plans each year? Will this change how you approach your plan search?

Study done by the Kaiser Family Foundation: https://tinyurl.com/yc6ytdu7