It's almost that time of year again...time to start thinking about the Medicare annual enrollment period and what, if any, changes you may need to make between October 15th and December 7th.
With the ever-increasing premiums for Medigap supplements, it may be time to consider a Medicare Advantage plan. It's possible that you are currently taking different medications that might be better covered under a different plan, or that you have been affected by your Medicare Advantage plan dropping certain doctor groups from its network this year. Or maybe you are just not all that thrilled with the benefits offered by your current plan, and you'd like to see if there is another plan that might suit your needs better. If any of those things apply to you, then you may need a review with your advisor. Even if you have had no changes and are happy with your plan(s), we still need to collect some updated data and conduct research to ensure your current plan(s) will work correctly for you in 2027.
What You Need to Do Now
Starting at the end of August, your advisor will be reaching out to ask you to update your medications (Part D / Medigap clients) or your medications and your current physicians/hospitals (Medicare Advantage plan clients).
Once the 2027 plan data and provider networks are released on October 1st, we will begin our research. Towards the end of October, you will receive a recommendation email - either to stay on your current plan (if you are satisfied) or to consider a new plan based on our research. Keep in mind, the recommendations we make are only as good as the data you provide. Please ensure that doctor names are spelled correctly, including first and last names, and the location where you see them. Please do not list nurse practitioners or physician's assistants - we need the name of the doctor they work under. Be sure to provide the correct spelling of your medications along with the current milligrams, how many times a day you take it, and the delivery method (tablet, capsule, vial, pen, etc.). All of this information is vital for us to make a proper recommendation. Please do not skip this process!
During this time, you should also be watching for your ANOC - your annual notice of change from your current Part D or Medicare Advantage plan company. You should ALWAYS review this document. If you see changes you don't like, you can schedule a meeting with your advisor so we can review other options with you. As in previous years, we will be hosting benefits workshops in early October for our Arizona and Nevada clients to go over the benefits changes from 2026 to 2027 for the most popular Medicare Advantage plans. These workshops are NOT a replacement for reviewing your ANOC you receive from your carrier in the mail.
We understand that the thought of reviewing and potentially changing a plan can be stressful, so we do our best to make it 123Easy.
By American Retirement Advisors
American Retirement Advisors helps retirees and pre-retirees navigate Medicare, estate planning, and retirement income — so you can enjoy the retirement you've earned.
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Easy Eddie's Take
This is spot on about getting prepared now for Medicare Open Enrollment. Here's the good news: the Centers for Medicare & Medicaid Services has actually simplified the process quite a bit over the years. Most people are surprised when they learn this, but you can change your Medicare Advantage plan or Part D prescription drug plan every single year during the October 15th through December 7th enrollment window, no questions asked.
One question that comes up all the time is "Can I switch from Medicare Advantage back to Original Medicare with a Medigap supplement?" The answer is yes, during Open Enrollment, though you may face medical underwriting for the Medigap policy depending on your state's rules. That's why it's so important to review your Annual Notice of Change (ANOC) carefully when it arrives in late September or early October. The ANOC will show you exactly how your premiums, deductibles, copays, and covered medications are changing for 2027.
Think of it this way: a little time spent organizing your medication list and doctor information now can save you hundreds or even thousands of dollars next year. Once you see how the comparison process works, it's actually pretty straightforward.