Here’s why reviewing your medicare plan is important

Medicare and Medicare Advantage Plans often change from year to year, including new charges for copays or drugs, and added or increased, reduced or eliminated coverage. Many people miss benefits they could have enjoyed because they choose not to take the time to shop around for better coverage that costs less.

A recent study by the Kaiser Family Foundation  found that nearly half of all enrollees “rarely or never” reviewed their plans, simply keeping what they had year to year and that nearly 60 percent of enrollees 85 or older don’t review their plans.

Why it Matters

Every year, options and benefits change in Original Medicare and Medicare Advantage. The most common changes affect provider network and prescription drug coverage.

Your plan provider network includes the hospitals, pharmacies, doctors and other providers. Every year, check to make sure your preferred doctors, hospitals and pharmacies are still in your plan network. If not, you may have to pay more to use them, or switch to a new provider for full coverage.

Prescription drug coverage changes frequently. Every year, Medicare and Medicare Advantage drug plans can make changes to their formulary — the list of drugs covered and their cost to you based on price tiers. New plans available in your area with a better formulary and tier structure for your medications can significantly impact your drug coverage and costs.

Pharmacies accepted by a plan sometimes change to secure best pricing. If your favorite pharmacy is dropped by your network, you will have to change pharmacies or pay more out of pocket.

While many people report being satisfied with their Medicare coverage — and you may be, too — an annual review is truly worthwhile. Following are three top factors to consider:

• Changes in your health. You may need doctor’s care more or less often, different prescription drugs or new health care services.

• Not all Medicare plans offer the same benefits and plans often change. A new plan in your area may offer coverage better meeting your needs than your current plan.

• New Medicare plans may lower your out-of-pocket costs.

While the thought of reviewing your plan every year may bring the sense of dread associated with, say, tax prep, the potential payoff is worth it. And friendly, expert help — at no cost — is widely available in all communities.