What should I review about my Medicare plan every fall?

Each fall, Medicare plans send out a document called the Annual Notice of Change, or ANOC. It arrives in late September and outlines what is changing about your plan for the coming year. Most people set it aside without reading it. That is a costly habit.Here is what actually deserves your attention. First, check whether your doctors and specialists are still in-network. Providers can leave or join networks from year to year. Second, review your drug formulary. A medication that was covered this year may be moved to a higher cost tier next year, or dropped from coverage entirely. That single change can cost you hundreds of dollars if you miss it.Also look at the premium, deductible, and copays for the services you use most. A plan that worked well this year might have raised costs in areas that directly affect you. Check the out-of-pocket maximum too, since that cap is the ceiling on what you would owe if you had a serious illness or accident.If you have a Medicare Advantage plan, confirm that your preferred hospitals are still in-network. If you have a standalone Part D drug plan, run your current medications through the Medicare Plan Finder at Medicare.gov to see if another plan would cost you less.Annual Enrollment runs from October 15 through December 7. Changes take effect January 1. You do not have to switch, but reviewing your options every year is how you avoid surprises.