Choosing a Medicare plan is not a once-and-done decision. Plans can adjust their costs, drug lists, and networks from one year to the next, and your own needs change too. A plan that was a great fit last year may be less ideal this year, and you might not notice unless you look. The good news is that a thorough review only takes a little time once you know what to check.

Here is a simple, step-by-step way to review your Medicare coverage each year.

Why an annual review matters

Two things change every year: your plan and you. On the plan side, things like premiums, deductibles, copays, covered drugs, and provider networks can shift. On your side, you might be taking new medications, seeing new doctors, or facing a different budget. A yearly review is simply the moment you make sure those two still line up.

Step 1: Read your plan’s annual notice

Each fall, your plan sends an Annual Notice of Change that spells out what is different for the coming year. It is easy to set aside, but this document is the single best place to spot changes to your costs and coverage. Skim it with an eye for anything that affects the care or drugs you actually use.

Step 2: Re-check your medications

Drug coverage is where year-to-year changes tend to bite. A medication that was covered, or covered cheaply, can move to a different tier, change in price, or come off the list entirely. If your prescriptions have changed during the year, that matters too.

Make a current list of everything you take and compare it against your plan’s drug list for next year. Our guide to choosing a Part D plan for your medications walks through how to compare drug coverage, and our overview of Medicare prescription drug plans explains how Part D works.

Step 3: Confirm your doctors and pharmacies

If you have a Medicare Advantage plan, networks can change. A doctor or pharmacy that was in-network last year may not be this year. Before you renew, confirm that the providers you rely on are still covered, and that any specialists you expect to see are included.

Step 4: Add up your real costs

Look past the monthly premium and think about your total yearly cost: premium, deductible, copays, coinsurance, and the out-of-pocket maximum, based on the care and medications you actually expect to use. Sometimes a plan with a slightly higher premium ends up costing less overall, and sometimes the reverse is true.

If you are on Original Medicare with a Medicare Supplement (Medigap) plan, your review looks a little different. Medigap benefits for a given plan letter are standardized, so your main questions are about your premium and whether your separate drug plan still fits. If you are comparing approaches, our look at Medigap Plan G vs. Plan N can help you think it through.

Step 5: Think about how your needs have changed

Health changes are a good reason to revisit your coverage. New diagnoses, new medications, more frequent specialist visits, or plans to travel more can all change which plan serves you best. Take a moment to ask whether the plan you chose still matches the life you are living now.

Step 6: Make changes during the right window

If you decide a change makes sense, timing matters. The Annual Enrollment Period each fall is the main window for changing Medicare Advantage or Part D coverage, and there are other windows depending on your situation. Our guide to Medicare enrollment periods lays out the calendar so you know when you can act.

And if you review everything and decide your current plan still fits, that is a perfectly good outcome too. The point of the review is to choose on purpose rather than by default.

A quick annual checklist

1. Read your plan’s Annual Notice of Change.
2. Update your medication list and compare it to next year’s drug list.
3. Confirm your doctors and pharmacies are still covered.
4. Add up your expected total yearly cost, not just the premium.
5. Consider how your health and life have changed.
6. If you want to switch, do it during the right enrollment window.

How we can help

At The Jeff George Agency, an annual review is part of how we work with clients. Because we are an independent agency with a team of more than 40 licensed advisors, there is always someone here to help you compare the plans we offer against your current doctors, medications, and budget, year after year.

No pressure, no obligation, just clear answers when you want them. Call us at 908-400-6735 or reach out anytime.

Frequently asked questions