If you are on Medicare, the Annual Enrollment Period runs from October 15 through December 7. During this window, you can join, switch, or drop a Medicare Advantage or Part D prescription drug plan, and any changes you make take effect January 1. 

For many people, the easiest choice is to do nothing. If your coverage worked well this year, it is natural to assume it will work just as well next year. Sometimes that is true. But Medicare plans are not static, and the plan that fit you last January may look different on January 1. 

What Can Change From One Year to the Next 

Medicare Advantage and Part D plans can update their details every plan year. That can include: 

• The drug list (formulary), including which medications are covered and at what tier 

• Provider and pharmacy networks, including whether your doctors and hospitals are still in network 

• Premiums, deductibles, copays, and out-of-pocket maximums 

• Extra benefits, such as dental, vision, or hearing coverage 

Your plan is required to send you an Annual Notice of Change each fall that outlines what is different for the coming year. It is worth reading carefully, but it can be long and technical, and it only tells you about your current plan. It does not show you how your plan compares to the other options available to you. 

Your own situation may have changed too. A new prescription, a new specialist, a planned surgery, or more time spent traveling can all affect which coverage makes the most sense. 

Questions Worth Asking Before December 7 

Before Annual Enrollment closes, consider walking through a few questions: 

Are all of my current prescriptions still covered next year, and at what cost? Are my primary care provider and specialists still in my plan’s network? Is anything about my health or my care expected to change in the coming year? Do I travel or spend extended time outside my home area? If I had a difficult health year, what would my total out-of-pocket costs look like? 

If the answers leave you unsure, that is a sign a review could be helpful. 

A Note on Medicare Supplement Coverage 

Annual Enrollment applies to Medicare Advantage and Part D plans. If you have Original Medicare with a Medicare Supplement (Medigap) policy, your supplement generally is not tied to this window in the same way. Changing a Medigap policy outside of your initial Medigap open enrollment period may involve medical underwriting, so it is a decision to think through carefully rather than make quickly. Your standalone Part D plan, however, can be reviewed and changed during Annual Enrollment. 

What If You Miss the Window? 

If you are enrolled in a Medicare Advantage plan, the Medicare Advantage Open Enrollment Period from January 1 through March 31 gives you one opportunity to switch to a different Medicare Advantage plan or return to Original Medicare. Outside of these windows, changes are generally limited to Special Enrollment Periods you may qualify for. Planning ahead during Annual Enrollment gives you the most flexibility. 

How a Medicare Review With GenWealth Works 

At GenWealth Financial Advisors, we walk clients through the same review every year. It starts with you, not with a plan: your prescriptions and dosages, your doctors and specialists, any care you know is coming, and how often you are away from home. 

From there, we review the plans we are able to offer in your area, check how each one handles your specific medications and providers, and compare the tradeoffs side by side. We will also tell you where our offerings stop, so you know what you are and are not seeing. Plenty of reviews end with “stay where you are.” Either way, you leave with a clearer picture and no pressure to decide in the room. 

Because Medicare is part of your broader retirement picture, we also look at how healthcare costs fit alongside your income and the plan you have been building for years. 

Schedule Your Medicare Review 

There is no fee for a Medicare review, and meeting with us does not obligate you to enroll in anything.  

Request a Medicare review at getreadyforthefuture.com/medicare or call (866) 653-PLAN. 

Securities are offered through LPL Financial, Member FINRA/SIPC. GenWealth Financial Advisors is an other business name of Independent Advisor Alliance, LLC. All investment advice is offered through Independent Advisor Alliance, LLC, a registered investment adviser. Independent Advisor Alliance, LLC is a separate entity from LPL Financial.