FILTERS
  • Date
  • Category
  • Topic
  • Media
Two people walk along a mountain ridge overlooking layered peaks and open terrain, symbolizing the Medicare Annual Enrollment Period and reviewing coverage options for the year ahead.

Give your Medicare coverage an annual checkup

With annual enrollment season upon us, ask yourself a few questions to make sure you're getting the most from Medicare.

Medicare’s annual enrollment period offers an important opportunity to make sure your coverage still fits your health, prescription drug and financial needs. From October 15 through December 7, Medicare beneficiaries can review their current plan, compare available options and make changes for the year ahead. Any changes made during this window generally take effect on January 1.

Even if you’re satisfied with your current coverage, it’s worth taking a fresh look each year. Plans can change their premiums, provider networks, prescription drug formularies, copays and other out-of-pocket costs. At the same time, your own needs may have shifted. A new medication, a different doctor, an upcoming procedure or a planned move can all affect whether last year’s plan remains the right fit.

What you can review or change

During annual enrollment, you can switch from Original Medicare to a Medicare Advantage plan, move from Medicare Advantage back to Original Medicare, change from one Medicare Advantage plan to another, join or switch Medicare Part D prescription drug plans, or drop prescription drug coverage. These decisions can have meaningful implications for access, cost and convenience, so it’s important to compare the details before making a change.

Start by reviewing the Annual Notice of Change from your current plan provider, which typically arrives in the fall. This notice outlines how your plan may change in the coming year, including updates to premiums, deductibles, covered services, prescription drug costs and provider networks. If you have a Medicare Advantage plan, confirm that your preferred doctors, hospitals and pharmacies will remain in network. If you use prescription medications, review whether each one will still be covered and whether your expected copays or coinsurance will change.

Questions to ask before December 7:

  • Have my health needs changed since last year?
  • Are my preferred doctors, specialists, hospitals and pharmacies still in network?
  • Are my prescription drugs covered, and have their costs changed?
  • Could another plan offer comparable coverage at a lower total cost?
  • Would a different plan better support my travel, caregiving or lifestyle needs?
  • If I am considering leaving Medicare Advantage for Original Medicare, have I reviewed how supplemental coverage may work?

When comparing plans, look beyond the monthly premium. A lower premium may not translate to lower total costs if the plan has higher copays, fewer in-network providers or less favorable prescription drug coverage. Consider how often you expect to use healthcare services, whether you anticipate specialist care and how predictable your prescription needs are likely to be.

Where to find help

Medicare decisions can be complex, but you do not have to sort through them alone. Medicare’s Plan Finder can help you compare options in your area, and the State Health Insurance Assistance Program offers one-on-one counseling. The Medicare Rights Center also provides free counseling by phone.

Medicare coverage is not just a healthcare decision. It can affect cash flow, tax planning, emergency reserves and long-term financial confidence. Taking time during annual enrollment to review your options can help ensure your coverage remains aligned with both your care needs and your financial priorities.

Before making any changes, consider consulting Medicare.gov, your plan provider and qualified professionals who understand your health and financial circumstances. The right plan is the one that supports the care you need at a cost that fits your budget in the year ahead.

Raymond James and its advisors do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional.

Links are being provided for information purposes only. Raymond James is not affiliated with and does not endorse, authorize or sponsor any of the listed websites or their respective sponsors. Raymond James is not responsible for the content of any website or the collection or use of information regarding any website’s users and/or members.