Each fall, millions of Medicare beneficiaries face an important but often overlooked task—reviewing their current Medicare coverage. Even if you’re satisfied with your plan, it’s essential to make sure it still meets your needs for the coming year.

Insurance companies adjust benefits, costs, and drug coverage annually, which means what worked for you last year may not be the best fit this year. A short, intentional review can help you stay protected, avoid surprises, and often even save money.

This guide walks you through the full Medicare plan review process—step by step—so you can make confident decisions during the Annual Enrollment Period (October 15–December 7).

Step 1: Understand Why the Review Matters

Every year, Medicare Advantage and Part D plans can make changes that affect your coverage. These include:

• Premium and deductible increases
• Changes in prescription drug formularies
• Network adjustments (your preferred doctor may no longer participate)
• Added or reduced benefits (like dental or vision coverage)

Ignoring these changes could mean higher costs or unexpected denials. Reviewing your plan annually ensures your coverage still matches your health, medications, and budget.

Step 2: Gather the Right Documents

Before comparing plans, gather all relevant paperwork:

• Your current plan’s Annual Notice of Change (ANOC): This document arrives each September and outlines what’s changing for next year.
• Your “Medicare & You” handbook: Updated each year by Medicare, it lists current coverage options.
• Your list of prescriptions: Include exact names, dosages, and pharmacy preferences.
• Provider list: Note the doctors, specialists, and hospitals you prefer to use.

Having these on hand makes it easier to spot differences and evaluate your plan options accurately.

Step 3: Review Your Current Plan’s Costs

Start by looking at how much you actually spent this year. Consider:

• Monthly premiums
• Deductibles and copayments
• Out-of-pocket maximums(for Medicare Advantage plans)
• Prescription costs

If your expenses were higher than expected, or your deductible increased, it might be time to explore alternatives.

Step 4: Check Prescription Drug Coverage

Prescription drug coverage is one of the most important—and most changeable—parts of Medicare. Each year, Part D and Medicare Advantage plans can alter their formulary (the list of covered drugs).

Ask yourself:

• Are all your prescriptions still covered?
• Have any moved to a higher cost tier?
• Is your preferred pharmacy still in-network?

Even small changes can mean big cost differences over time, so double-check these details before re-enrolling.

Step 5: Evaluate Provider Access

One of the biggest distinctions between Medicare Advantage and Original Medicare is provider flexibility.

If you’re in an Advantage plan:

• Verify your doctors, specialists, and hospitals remain in-network.
• Make sure your preferred pharmacy or healthcare system is still covered.

If you’re on Original Medicare:

• Confirm your providers still accept Medicare.
• Review whether adding or adjusting a Medigap policy could help reduce out-of-pocket costs.

Step 6: Consider Your Health Changes

Health needs evolve from year to year. Think about any changes you’ve experienced or expect:

• Have you developed a new chronic condition?
• Are you planning surgery or physical therapy next year?
• Are you traveling more or spending part of the year in another state?

If your health situation has changed, your plan should change with it. For example, frequent travelers may prefer an Advantage plan with nationwide networks or a Fenyx Health MSA plan that offers flexibility with any Medicare provider.

Step 7: Review Added Benefits

Many Medicare Advantage plans include “extras” such as:

• Dental, vision, or hearing coverage
• Fitness memberships
• Transportation to medical appointments
• Over-the-counter product allowances

While these perks can be valuable, make sure they’re benefits you’ll actually use—and that they don’t come at the expense of higher premiums or restricted networks.

Step 8: Compare Plans Using Medicare’s Tools

You can use the Medicare Plan Finder on Medicare.gov to:

• Compare estimated total annual costs for each plan
• See how your prescriptions are covered
• Review plan ratings

However, many people prefer personalized help from a licensed Medicare agent. Croft Insurance uses this same data but combines it with years of expertise to guide you through what’s truly relevant for your health and lifestyle.

Step 9: Watch the Calendar

Timing is everything:

• Annual Enrollment Period (AEP): October 15–December 7. You can change Advantage or Part D plans.
• Medicare Advantage Open Enrollment (MA-OEP): January 1–March 31. If you’re already in an Advantage plan, you can switch or return to Original Medicare.
• Special Enrollment Periods (SEP): Triggered by events like moving, losing coverage, or retiring.

Mark these dates early to ensure you have time to make informed decisions.

Step 10: Schedule a Professional Review

Even if you’re confident in your understanding, sitting down with a Medicare specialist can uncover opportunities you might miss on your own. At Croft Insurance, our agents:

• Review all available Advantage, Supplement, and Prescription Drug plans
• Compare coverage across major carriers
• Help clients identify potential savings
• Guide enrollment to prevent delays or penalties

We can also discuss options like Fenyx Health MSA plans, which pair a high-deductible Advantage plan with an annual deposit into a medical savings account—offering unmatched flexibility and long-term control over healthcare spending.

Step 11: Confirm and Re-Enroll

Once you’ve chosen your plan, verify enrollment confirmation. Keep all paperwork and plan information in a dedicated folder for easy access throughout the year.

If you’re switching plans, make sure:

• You understand when old coverage ends and new coverage begins.
• Your prescriptions are transferred to your new pharmacy if needed.
• You’ve received your new ID card and plan materials.

A yearly review may take only a few hours, but it can save you hundreds—or even thousands—of dollars. More importantly, it ensures your healthcare coverage continues to serve your real needs.

At Croft Insurance, we make this process simple. Whether you’re evaluating a traditional Medicare plan , exploring Advantage options, or considering a Fenyx Health MSA plan for greater flexibility, we’re here to help.