Review Now or Regret Later
Review Now or Regret Later
Previously, I’ve shared with you the importance of the Annual Open Enrollment for Medicare, October 7th through December 15th each fall. Well, we are now into Open Enrollment with just over a month remaining. If you have not made a review of your coverage, I would strongly suggest that you do so now. I know that it can be very confusing, but hopefully the information which I share with you this week will serve as a guide for you to review your coverage or the coverage of a loved one. Please do not skip reviewing your Medicare coverage during Open Enrollment, assuming that “no change” means “no problem.” Unfortunately, that assumption can be costly.
Here’s a guide on what to double-check before the Open Enrollment window closes:
1. Your Prescription Drug Coverage (Part D)
Drug formularies—lists of covered medications—change annually. A plan that worked last year may drop a medication or raise its price tier. Compare your current plan’s list against your actual prescriptions. Even one uncovered medication can turn into hundreds of dollars in out-of-pocket costs.
2. Provider Networks
Doctors, hospitals, and specialists move in and out of Medicare Advantage networks each year. If you’ve changed physicians or recently relocated, verify that your preferred providers are still in-network. Out-of-network care under an Advantage plan can result in unexpected bills.
3. Total Annual Cost
Don’t just look at the monthly premium. Factor in deductibles, copays, coinsurance, and prescription costs. Sometimes, a plan with a slightly higher premium offers lower out-of-pocket spending overall.
4. Added Benefits
Medicare Advantage plans often include dental, vision, hearing, and wellness benefits—but not all are equal. Some provide only minimal coverage. Review each benefit line carefully, especially for hearing aids, eyeglasses, and preventive dental care.
5. Star Ratings and Plan Reviews
The Centers for Medicare & Medicaid Services (CMS) assign star ratings (1–5) for plan quality, customer service, and performance. Plans rated 4 or 5 stars tend to offer more consistent service and fewer surprises.
6. Your Health Changes
If your medical needs have changed—new diagnoses, different prescriptions, or specialist care—make sure your coverage reflects any changes in your health care needs. Medicare isn’t “set it and forget it”; it’s an annual checkup for your finances and your health.
Financial Tip: Reviewing your Medicare choices annually is as vital as rebalancing your investment portfolio or updating your estate plan. One overlooked plan detail can quietly and quickly drain your retirement savings.
I hope you find this guide helpful – review now or regret later.
My best to you and yours,
Bren Sheriff, CSA
THIS WEEK’S QUIZ: What is the primary purpose of a Medicare Advantage Plan?
Answer to the last quiz: An insurable interest is a legal and financial stake in something or someone that would cause you to suffer a financial loss or hardship if that person or asset were damaged, lost, or destroyed. An insurable interest is most important in businesses and is known as “Key Man Insurance”; more about that next week.
For Questions or Help: 773-817-0601 or basheriff1@gmail.com
Disclaimer: The illustrations presented in this column are not, nor are they intended to be, legal, financial, or any other licensed professional advice, you should contact the licensed professional of your choice for advice on your individual situation.
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