Medicare Coverage Requires Annual Review Due to Shifting Benefits and Costs
Medicare beneficiaries are urged to annually review their health and prescription drug coverage during the Annual Enrollment Period (AEP), which runs from October 15 through December 7, with changes taking effect on January 1. This annual review is crucial because provider networks, benefits, drug formularies, and out-of-pocket costs can change significantly each year. Even if beneficiaries are satisfied with their current plan, insurance carriers frequently update these aspects, potentially leading to unexpected costs or coverage gaps. For instance, many carriers have shifted prescription pricing from flat copays to percentage-based coinsurance for higher-tier medications under Medicare Part D. Additionally, Medicare Advantage plans, also known as Medicare Part C, are private insurance plans that replace Original Medicare for receiving benefits, and these plans can also alter their benefits, increase out-of-pocket costs, or even exit certain markets. Beneficiaries can use this period to switch to a new Me...
