When it comes to Medicare, the buildup to October is always full of anticipation. There can be changes you will need to review regardless of what plan you are on. If you don’t devote some time to reviewing your coverage, you may be in for a “January Surprise” with very little recourse.
One important thing to note is that the Part D (prescription drugs) market is unpredictable. Remember, you receive Part D drug coverage through a stand-alone drug plan or inside your Advantage Plan. Information about your drug coverage for the upcoming year won’t come out until late September of this year. It’s common for plans to increase their costs from year to year, so it’s important to review your Annual Notice of Change to be familiar with changes specific to your plan.
Here is how those changes might look depending on which plan you have
Medicare Advantage Plans (Part C): You have from October 15-December 7th to make changes. Drugs are included in this plan, and the coverage can change from one year to the next. In this plan, there is no monthly premium for prescriptions, but pharmacy costs can vary from one year to the next. Advantage plans are a “bundled product,” so make sure you are comfortable with the 2027 changes. Review the ANOC closely. You may switch to another Advantage Plan, cancel your Advantage Plan, or move to a Medicare Supplement (if you qualify).
Medicare Supplement: These plans work alongside Original Medicare (Parts A and B). They come in options like Plan F, Plan G, and Plan N. Your benefits stay the same each year, but your premium will increase. You don’t need to take any action unless you want to explore ways to lower that premium, and we can help with that.
Part D Drug Plan: When you carry a Medigap plan, you also need a Part D drug plan. This is the part that requires close attention. Review your ANOC to see how your Part D plan will change for the upcoming year. Some prescription plans are seeing significant price increases, though I’m hopeful that affordable options will remain for those on low-tier generics.
You can make changes from October 15 through December 7, and anything you update will take effect on January 1 of the following year.
Try not to rush the season. Review your coverage early. Ensure the changes are reasonable. Remember, due to inflation, all plan costs are at risk of rising, not just your plan.
If you’d like to talk through your Medicare questions, please give us a call at 800-750-2407. We’re always happy to help.
God Bless.
