Medicare coverage options can change from year to year, and 2027 is shaping up to be a year when reviewing your options matters. During Medicare’s Annual Election Period (AEP), also known as open enrollment, your premiums, deductibles, provider networks, prescription coverage and out-of-pocket costs may change. A plan that worked well this year may not offer the same coverage next year.
To help consumers understand what to watch for, Medicare educator and co-founder of 65 Incorporated Melinda Caughill joins Brian Hickey, Vice President with Insuractive®, Medicare BackOffice® and Medicare MarketPlace®, for a conversation about the changes affecting Medicare in 2027.
In this webinar, they discuss Medicare Advantage, stand-alone Medicare Part D drug plans and Medicare Supplement Insurance, also called Medigap. Watch this webinar now and discover what to check, what questions to ask and how to take an active role in reviewing your coverage.
Why Review Your Medicare Coverage Each Year?
Medicare plans can change their costs and coverage for the new plan year. Prescription drugs may be added to or removed from a plan’s formulary, pharmacies may change and your doctors or other providers may no longer be in network. Premiums, deductibles and copayments can also shift.
That means you should not assume your current plan will continue to meet your needs just because it worked well this year. Read your plan materials, including your Annual Notice of Change (ANOC) letter, and compare the upcoming coverage with your health care needs, prescriptions and budget.
What the Webinar Covers
The discussion explores changes across three options for Medicare solutions coverage:
Medicare Advantage: Plan availability and provider networks can differ by location and year. Check whether your doctors, hospitals and other providers remain in network and whether the plan still covers the services you use.
Medicare Part D: Review your medications, pharmacy options, formulary coverage, premiums and cost sharing. A drug that was covered this year may not be covered by the same plan next year.
Medicare Supplement (Medigap): Medicare Supplement insurance costs and availability vary by plan, insurer and state. If you are considering changing policies, understand how your state’s rules and health underwriting may affect your ability to switch.
The webinar also discusses challenges consumers may face when comparing plans and explains why it helps to know what kind of Medicare coverage you have before you start reviewing options.
Make Time to Compare Prescription Drug Coverage
Prescription drug coverage deserves a close review each year. Make a current list of your medications, including the dosage and how often you take each one. Then check whether each medication is covered by your plan for the upcoming year and compare the plan’s costs at your preferred pharmacies.
MyPartD.com is another resource you can use to explore Medicare Part D plan options and compare prescription drug coverage. Make certain you review the results carefully and confirm plan details before making a decision.
Take Action During Medicare Open Enrollment
Medicare open enrollment takes place each year from Oct. 15 through Dec. 7. During this period, review your coverage for the upcoming year and see whether another available option may better fit your needs.
Before you make a change, consider:
Whether your doctors and preferred hospitals are in network
Whether your prescriptions are covered and what they may cost
How premiums, deductibles and copayments compare
Whether the plan’s coverage fits your health care needs and budget
Whether you understand the rules and timing for changing your type of coverage
The webinar offers a starting point for understanding the issues consumers may encounter as they review Medicare coverage. Watch it, gather your plan documents and medications, and take time to compare your options before choosing coverage for the year ahead.
If you have any questions or need help determining suitable plan options, contact Insuractive at 1.866.267.6507 for assistance from a licensed agent specializing in Medicare solutions.*
*Insuractive and its affiliated companies help clients obtain suitable Medicare solutions with the exception of standalone Part D plans.