1. What types of insurance coverage should retirees consider?

You should focus on health insurance first, including Medicare. Many retirees also look at prescription drug coverage, supplemental plans, and dental or vision coverage. The right mix depends on your health needs and budget.

2. How does Medicare work for retirees?

Medicare is a federal health program for people age 65 and older. It has different parts. Part A covers hospital care, and Part B covers doctor visits. You can also choose plans that combine coverage or add drug benefits. You usually enroll when you turn 65.

3. Why is supplemental coverage important after retirement?

Medicare does not cover all costs. You may still have to pay deductibles, co-pays, and coinsurance. Supplemental coverage helps reduce these out-of-pocket expenses and gives you more control over your health care costs.

4. When should I review my insurance needs after retirement?

You should review your coverage every year during the Medicare Annual Enrollment period. You should also review it after any major health or financial change. This helps make sure your plan still fits your needs.

5. How can retirees save money on insurance premiums?

You can save money by comparing plans each year, choosing only the coverage you need, and using in-network providers. It also helps to check if you qualify for any assistance programs that reduce premiums or drug costs.

How Annual Reviews Help You Avoid Paying Too Much

When was the last time you looked closely at your Medicare plan? If it has been more than a year, you may be paying for coverage that no longer fits your needs.

Your healthcare needs can change. So can your medications, doctors, plan costs, and covered benefits. A plan that worked well for you last year may not work as well this year.

An annual review gives you a chance to look at these changes before they affect your budget. Annual plan review services can help you understand your current coverage, compare costs, and see whether your plan still makes sense.

The goal is not to switch plans just to save money. It is to make sure you understand what you are paying for and whether your coverage still meets your needs.

How an Annual Medicare Review Can Help You Lower Your Costs

Here are seven things you should review each year.

1. Check Whether Your Plan Costs Have Changed

Medicare plan costs can change each year. Check your premium, deductible, copays, coinsurance, and other out-of-pocket costs.

A lower premium does not always mean lower overall costs, so look at the full cost of your coverage.

2. Review Your Prescription Drug Costs

Your medication list may change over time. You may start a new prescription, stop taking one, or switch pharmacies.

Your plan's drug coverage and costs can also change each plan year. Take a few minutes to check each prescription you currently take.

Make sure your medications are still covered and check what you may pay for them. This can help you spot changes that may affect your yearly healthcare spending.

If you want to understand why we review your coverage, read why we offer free annual plan reviews.

3. Make Sure Your Doctors Are Still Covered

Your doctors are an important part of your Medicare review.

If you have Medicare Advantage, check that your doctors, specialists, and preferred hospitals are still in your plan’s network. If you get care in both Missouri and Illinois, review your network before the new plan year.

4. Review Your Annual Notice of Change

Your Annual Notice of Change, or ANOC, can tell you what is changing in your Medicare Advantage or Part D plan for the coming year.

The notice may include changes to premiums, deductibles, benefits, drug coverage, or other plan details. Read it before the new plan year begins.

If you are unsure what the changes mean for you, take time to review your Medicare ANOC and compare the information with your current healthcare needs.

5. Compare Monthly Costs With What You Actually Use

Your monthly premium alone doesn't tell the full story. Also consider how often you use healthcare services and what you pay when you do.

Consider these questions:

How often do you visit a doctor?
Do you see any specialists?
How many prescriptions do you take?
Which pharmacies do you use?
Are your preferred doctors still in-network?
What out-of-pocket costs could you have?

This can help you compare plans based on how you actually use them. For more information, see what to look for when evaluating monthly costs vs. long-term benefits.

6. Look for Signs That Your Coverage No Longer Fits

Your Medicare needs can change after retirement. You may move, change doctors, take new medications, or need more healthcare services.

When your situation changes, it is worth checking whether your current coverage still works for you.

You do not have to change your plan just because something has changed. Instead, compare your current coverage with your needs and decide whether it still makes sense.

You can also read about the most common coverage mistakes people make at retirement to see what issues you should watch for.

7. Compare Your Options Before You Decide

After reviewing your current plan, you may decide to stay where you are. In other cases, you may want to compare other Medicare options.

Depending on your situation, you may look at Medicare Advantage, Original Medicare with Medigap, or Part D coverage.

Do not choose a plan based only on the lowest premium. Consider your doctors, medications, healthcare use, and expected costs. If you are thinking about changing coverage, learn Medicare Advantage vs. Medigap: which is right for you?

Key Takeaways

A yearly Medicare review can help you understand what has changed and whether your current coverage still fits your needs. It gives you a chance to look at costs, prescriptions, doctors, and benefits before you make decisions for the next plan year.

You may find that your current plan is still the right choice. You may also find that another option is worth considering. Either way, reviewing your coverage helps you make that decision with better information.

If you feel that your plan no longer fits your needs, read what to do if your current Medicare coverage no longer fits.

Contact us to discuss your Medicare coverage and review your options.

FAQs

Why should you review your Medicare plan every year?

Your Medicare plan can change each year. Premiums, deductibles, drug coverage, provider networks, and benefits may be different. Reviewing your plan helps you see whether it still fits your healthcare needs and budget.

Can an annual Medicare review help you avoid extra costs?

Yes. A review can help you find changes in premiums, prescription costs, copays, deductibles, or provider coverage. This gives you a chance to compare your current costs with other available options.

What is an Annual Notice of Change?

An Annual Notice of Change, or ANOC, explains changes to your Medicare Advantage or Part D plan for the upcoming year. It can include changes to costs, benefits, drug coverage, and other plan details.

Do you have to switch Medicare plans after a yearly review?

No. A review does not mean you have to change your plan. If your current coverage still meets your needs and budget, you may decide to keep it.

When should you review your Medicare plan?

You should review your plan each year before the new plan year begins. Your Annual Notice of Change is a good place to start because it shows what is changing in your current coverage.

Illinois: (618) 685-1235

Missouri: (314) 887-0887