It is highly advisable to review your Medicare plans on an annual basis, especially close to the Annual Election Period (AEP) during Oct 15th to Dec 7th.
I am satisfied with my Medicare plan(s). Should I still review them annually?
It is highly advisable to review your Medicare plan annually.
There may be changes to your plan’s coverage and/or costs, as a result of which your current plan(s) may no longer be the best fit for you. Or there may be new plans in your area which are better fits for your needs.
Should I review my plan(s) only if there have been changes to them?
As mentioned above, it is advisable to review your Medicare plan(s) annually, irrespective of whether there have been any changes to your current plan(s).
What is the best time for reviewing my Medicare plan(s) and changing them if necessary?
You are eligible to make changes to your Medicare plans during the Annual Election Period (AEP) which runs Oct 15th – Dec 7th every year or during any Special Enrollment Period for which you may be eligible.
You may also switch your Medicare Advantage Plan, with or without prescription drug coverage, during the new Medicare Advantage Open Enrollment Period (MA OEP) which runs during Jan 1st - Mar 31st each year.
If you are new to Medicare, you should carefully evaluate your options during the Initial Enrollment Period (IEP), before deciding on the right plan(s) for your needs.
How should I go about reviewing my Medicare plan(s)?
Assume that you do not have any Medicare coverage. Review available options and plans to decide which ones best meet your needs. Then compare those plan(s) with your current plan’s coverage and costs (including proposed changes) in order to decide whether you would like to make any changes.
I do not want to change plan(s) every year. What should I do?
You may not want to change plans every year, but do a review anyway. Try to take a medium-to-long term view when selecting Medicare plan(s) so that your age and changing health condition do not become a factor in plan availability and cost.
Click here to learn more about Medicare, its various Parts, different enrollment periods and your costs.
We have also created videos to help you better understand various topics related to Medicare. Select and watch a video explaining the topic of your interest in a simple and intuitive manner.
Remember that you cannot choose just any combination of Parts and Plans. Let Lighted Road Insurance guide you step-by-step through the Medicare ecosystem and help you in selecting the right plan(s) for your needs.
Sign up for our FREE bi-weekly newsletter focused on lifestyle for the 50+. There is no obligation to enroll.
Last Updated: 01-10-2021