What should I review every year so Medicare does not surprise me?
The short answer
Each year, review your drug formulary, provider network, plan premiums and cost-sharing, and any changes to benefits so you are not caught off guard by costs or coverage gaps.
The full explanation
Medicare is not a set-it-and-forget-it program. Plans change every January 1, and your health and finances change too. A yearly review takes maybe an hour and can save you real money and frustration.Start with your medications. Drug formularies, which are the lists of what a plan covers and at what cost, get updated annually. A drug you take every day could move to a higher cost tier or get dropped entirely. Run your current medications through the Medicare Plan Finder at Medicare.gov each fall to see if your plan is still competitive.Check your provider network. Doctors, specialists, and hospitals can leave or join networks from year to year. If you had a procedure and found a surgeon you trust, confirm that person is still in-network before January.Look at your premium, deductible, and copays for the services you actually use. Focus on the out-of-pocket maximum too. That is the most you would pay in a year for covered services, and it varies widely between plans.If your health situation changed this year, a plan that was fine when you were healthy may not serve you as well if you are managing a new diagnosis or need more specialist visits.Finally, check your income. If your income dropped, you may now qualify for help with Medicare costs that you did not qualify for before. Extra Help is a federal program that reduces drug costs, and the Medicare Savings Program can help with premiums and other expenses for those who qualify.
Related Medicare Resources
In
Utah
specifically
Utah's Medicare Savings Program can help qualifying residents with Part B premiums and other cost-sharing. If your income or household situation changed, it is worth checking eligibility each year through Utah's Department of Health and Human Services.
What this means for you
For you, this means treating Medicare like a lease that renews every January, worth a quick annual review to make sure you are still getting what you need at a cost that makes sense.
Related Questions
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