Key Takeaways

• Reviewing your Medicare plan annually ensures you get the best coverage for your needs, especially as healthcare costs and benefits change each year.

• Before making changes, evaluate your healthcare needs, prescription drug coverage, and potential out-of-pocket costs to avoid surprises.

Are You Satisfied with Your Current Coverage?

Before making any changes, take a moment to reflect on whether your current Medicare plan meets your needs. Consider the following:

• Have your healthcare needs changed in the past year?

• Are your preferred doctors and specialists still covered?

• Have you had unexpected out-of-pocket costs?

• Do you need more comprehensive prescription drug coverage?

If your current plan works well, sticking with it might be the best option. But if you’ve encountered issues, exploring alternatives could help you save money and improve your coverage.

Have There Been Changes to Your Plan for 2025?

Every year, Medicare plans adjust their benefits, costs, and covered services. If you are enrolled in a plan, you should receive an Annual Notice of Change (ANOC), which outlines:

• Adjustments to monthly premiums, deductibles, and copays

• Changes in covered medications or drug tiers

• Updates to provider networks

Review this document carefully to determine if your current plan still meets your needs or if you should consider switching to a new one.

Are Your Prescription Drugs Still Covered?

Medicare Part D and Medicare Advantage plans with drug coverage update their formularies annually. This means your medications might:

• Move to a higher-cost tier

• Require prior authorization

• No longer be covered

To avoid unexpected costs, review your plan’s drug formulary and check if your prescriptions are still covered at an affordable rate. If not, switching plans may be necessary.

Have Your Healthcare Needs Changed?

As you age, your medical needs may shift. If you’ve been diagnosed with a new condition, require additional treatments, or need specialist care, you may want to:

• Look for a plan with better coverage for specialists or specific treatments

• Ensure your preferred doctors and hospitals remain in-network

• Consider a plan with lower out-of-pocket costs for frequent medical visits

Matching your plan to your current health status ensures you get the coverage you need without unnecessary expenses.

Will You Be Traveling or Moving in 2025?

If you plan to travel extensively or relocate, your Medicare coverage may need adjustments. Keep in mind:

• Original Medicare allows access to any provider nationwide that accepts Medicare.

• Medicare Advantage plans often have regional networks, which could limit coverage outside your service area.

• Some plans offer travel benefits, such as emergency coverage abroad or nationwide provider access.

Checking your plan’s travel and relocation policies can help you avoid unexpected gaps in coverage.

Have Your Out-of-Pocket Costs Increased?

While Medicare helps cover medical expenses, you’re still responsible for certain out-of-pocket costs, including:

• Deductibles

• Copayments and coinsurance

• Prescription drug costs

If your out-of-pocket costs have increased significantly, consider switching to a plan with lower copays or better coverage for frequent medical services. Comparing plan options can help you balance monthly premiums with overall healthcare expenses.

Do You Qualify for Additional Savings or Benefits?

Medicare beneficiaries with limited income may qualify for programs that help with healthcare costs, such as:

• Medicare Savings Programs (helps with premiums, deductibles, and coinsurance)

• Extra Help (lowers prescription drug costs)

• State assistance programs (some states offer additional benefits for eligible individuals)

If you haven’t checked your eligibility recently, applying for these programs could significantly reduce your healthcare expenses.

Make an Informed Choice for 2025

Choosing the right Medicare plan is an important decision that affects your healthcare and finances. Take the time to review your options, compare plans, and ensure your coverage aligns with your needs. If you have questions or need help selecting a plan, get in touch with a licensed agent on this website for professional advice.