Why reviewing your Medicare plan every year could save you money and stress
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Enrolling in Medicare is a big step, but it doesn’t mean your coverage will always stay the same.
Each year, insurance companies adjust their plans, and your own health needs may shift as well.
If you’re not paying attention, those changes could leave you paying more or receiving less than you expect.
That’s why treating Medicare like a “set it and forget it” plan can be risky.
A simple annual review can help protect both your health and your budget.
Much like a car that needs occasional tune-ups, your Medicare plan requires a yearly check-in.
Coverage networks, prescription drug lists, and out-of-pocket costs can all change from year to year.
Added benefits like dental, vision, or fitness memberships may appear—or disappear.
And if your health has changed, your plan needs to keep up.
Reviewing all of these details on your own can feel overwhelming.
Licensed Medicare agents are trained to compare plans, check networks, review drug coverage, and explain new benefits in simple terms.
Best of all, their help is usually free since they are paid by insurance companies, not by you.
The Annual Enrollment Period (AEP) runs from October 15 to December 7 each year.
During this time, you can:
Even if you’re satisfied with your current plan, checking during AEP ensures you’re not missing out on better coverage or lower costs.
Most changes must wait until the next AEP, but there are exceptions.
Special enrollment periods are available for certain life events, such as moving, losing other coverage, or qualifying for financial assistance.
Q: I like my plan—do I really need to review it?
Yes. Even if you’re satisfied, your plan may change behind the scenes.
Q: Can I switch plans mid-year?
Usually no, unless you qualify for a special enrollment period.
Q: What if I do nothing during AEP?
You’ll stay in your current plan but may miss out on savings or better benefits.
Q: Is it free to work with a Medicare agent?
Yes. Agents are compensated by insurers, not by you.
Medicare works best when you keep it up to date.
Reviewing your plan each year can prevent unpleasant surprises, protect your health, and even save you money.
It’s a simple step that pays off in peace of mind.
Read next: Medicare may soon cover medications for weight loss—here’s what to know about the proposed program
Have you ever been caught off guard by a change in your Medicare plan? Do you have tips for making the annual review easier? Or do you have questions about Medicare you’d like us to cover in the future? Share your thoughts in the comments—your experience could help another GrayViner make a smarter choice this year.
Each year, insurance companies adjust their plans, and your own health needs may shift as well.
If you’re not paying attention, those changes could leave you paying more or receiving less than you expect.
That’s why treating Medicare like a “set it and forget it” plan can be risky.
A simple annual review can help protect both your health and your budget.
A quick annual Medicare review can help ensure your doctors, prescriptions, and benefits still meet your needs. Image Source: YouTube / CBS Philadelphia.
Why Medicare isn’t one-and-done
Much like a car that needs occasional tune-ups, your Medicare plan requires a yearly check-in.
Coverage networks, prescription drug lists, and out-of-pocket costs can all change from year to year.
Added benefits like dental, vision, or fitness memberships may appear—or disappear.
And if your health has changed, your plan needs to keep up.
Also read: 600,000 UnitedHealthcare Medicare Advantage members to lose coverage in 2025
What can change in a year
- Coverage networks: Doctors, specialists, and hospitals can leave or join your plan’s network.
- Prescription drug coverage: Part D and Medicare Advantage formularies update annually, affecting medication costs.
- Premiums and deductibles: Costs can rise, even for plans that once seemed affordable.
- Extra benefits: Perks like dental or transportation may be added—or dropped.
- Your health needs: New diagnoses, medications, or lifestyle changes can make your current plan less effective.
Also read: Could you be charged extra for Medicare without realizing it?
Why an agent can help
Reviewing all of these details on your own can feel overwhelming.
Licensed Medicare agents are trained to compare plans, check networks, review drug coverage, and explain new benefits in simple terms.
Best of all, their help is usually free since they are paid by insurance companies, not by you.
Also read: Are you spending too much on Medicare? Here’s how to cut costs in retirement
Key dates to remember
The Annual Enrollment Period (AEP) runs from October 15 to December 7 each year.
During this time, you can:
- Switch between Original Medicare and Medicare Advantage.
- Change Medicare Advantage plans.
- Add or update a Part D prescription drug plan.
Even if you’re satisfied with your current plan, checking during AEP ensures you’re not missing out on better coverage or lower costs.
Also read: Medicare price talks progress quietly as government targets costly prescriptions
What if you miss AEP?
Most changes must wait until the next AEP, but there are exceptions.
Special enrollment periods are available for certain life events, such as moving, losing other coverage, or qualifying for financial assistance.
Also read: Still confused by Medicare? Let’s clear up 10 common myths seniors should know
Tips for a smooth Medicare review
- Write down your doctors, specialists, and preferred hospitals.
- Gather your prescriptions, including dosages.
- Review your health needs for upcoming procedures or lifestyle changes.
- Check your mail for the “Annual Notice of Change” from your plan.
- Schedule a conversation with a Medicare agent or use the Medicare.gov Plan Finder.
Also read: Could Medicare be expanding? Here’s what the new "Part E" proposal might mean for you
Common questions
Q: I like my plan—do I really need to review it?
Yes. Even if you’re satisfied, your plan may change behind the scenes.
Q: Can I switch plans mid-year?
Usually no, unless you qualify for a special enrollment period.
Q: What if I do nothing during AEP?
You’ll stay in your current plan but may miss out on savings or better benefits.
Q: Is it free to work with a Medicare agent?
Yes. Agents are compensated by insurers, not by you.
Medicare works best when you keep it up to date.
Reviewing your plan each year can prevent unpleasant surprises, protect your health, and even save you money.
It’s a simple step that pays off in peace of mind.
Read next: Medicare may soon cover medications for weight loss—here’s what to know about the proposed program
Have you ever been caught off guard by a change in your Medicare plan? Do you have tips for making the annual review easier? Or do you have questions about Medicare you’d like us to cover in the future? Share your thoughts in the comments—your experience could help another GrayViner make a smarter choice this year.
