Why Your Medicare Plan Benefits Change Annually

And Why You Should Shop Medicare Plans Every AEP

Senior Adviser Staff | Nov 26, 2021, 12:35 EST

From time to time, it's important to review insurance policies that cover your life, home, and other assets to ensure you're coverage is keeping up with rising prices. The same is true for your healthcare coverage. Are you reviewing your Medicare plan to take full advantage of the benefits available to you? Medicare strives to provide higher quality care and more options each year and providers adjust their coverage amounts across a wide variety of costs. Review your plan yearly to make sure it is still the right choice for you!

How Does Medicare Change Year to Year?

As Medicare plans change each year and almost always is an expansion of the programs and benefits that are available to you. Other changes each year maybe in costs such as premiums, deductibles, copayments, and coinsurances.

It's common for the premiums for Medicare Part A and Part B to increase, but usually only by a few dollars each year. But from time to time, premiums may be reduced. You may also see changes to the services within your Medicare Advantage Plan and the drugs that are covered in your prescription plan.

Medicare Advantage Plan Changes

Because Medicare Advantage plans are offered by private insurance companies, there can be a variety of changes in your plan each yearm typically to offer you better choices. Some of the most recent, positive changes that have occurred for Medicare Advantage Plans include:

Home-safety modifications
Increased telehealth services
Adult daycare
In-home services
Transportation

Other changes in your Medicare Advantage Plan will be related to costs such as premiums, deductibles, and copayments.

Medicare Prescription Plan Coverage Changes

With the continuous research in the pharmaceutical field, there is often more current information that can lead to changes in your prescription drug coverage each year.

Changes to your prescription formulary or list of covered drugs, can happen annually, but only during a certain period of time. Fortunately, the government does not allow drug companies to make sudden, negative changes to your plan. This means that they can not just decide to take medications out of your plan’s formulary at any time unless they are deemed unsafe by the FDA.

More commonly, drug plans often make beneficial changes to their current formularies. These changes include more prescription choices and lower copayments.

Changing Medicare Supplement Plans: Important Dates to Remember

Remember these vital times and dates each year to make sure you are getting the most out of your coverage:

You should begin reviewing your Medicare plan during the months of September and October of each year and compare it with any changes you have been notified about. There is also a great tool at medicare.gov that can assist you with finding the best plan for all of your healthcare needs.
After you finish your coverage reviews, you will have to wait for Open Enrollment to begin to make any changes. Open enrollment begins on October 15th each year. During this time you will have the chance to make any of your preferred changes to your current health and drug plan.
December 7th is the last day of Open enrollment and is the last time to make changes to your current plan.
Your new coverage will begin on January 1st.

Even if annual Medicare changes are minor, it's crucial to review your plan yearly to make sure you are receiving the most benefit for the best price. For help exploring the changes to your plan, please fill out the simple online form and one of our highly-trained local experts will reach out to provide complementary help in answering your questions.