Do you have a notice of change from your Medicare plan? 3 things to pay attention to

Millions of older Americans receive health benefits through Medicare. But coverage under Medicare is not a one-size-fits-all deal.

As an Original Medicare enrollee, you have the option to choose your own drug coverage. Or, you can sign up for a Medicare Advantage plan for additional benefits on top of what Original Medicare entails.

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You’re also not locked into the Medicare plan you choose for life. Each year in the fall, Medicare enrollees can make changes to their coverage during open enrollment, which runs from October 15th to December 7th.

During open enrollment, you can change Part D plans, switch from one Medicare Advantage plan to another, or drop Advantage and switch to Original Medicare. But to make an informed decision, you need to know what’s staying the same with your current Medicare plan and what’s changing.

That’s why it’s so important to review your plan change notice carefully. These notices generally go out by September 30 so that Medicare enrollees have the opportunity to receive updates about their plans in time for open enrollment . If you are new to receiving one of these letters, here are some key points to keep in mind.

1. How your medicines are classified

If you are a participant in Medicare Part D, you may know that these plans use formularies to group drugs into different tiers. These levels determine your out-of-pocket costs.

One thing you’ll want to pay attention to in your change notice is if your current recipes are moving to another level. If one of your drugs is hit with a higher tier, you may be looking at higher costs in 2025. However, it’s possible that one of your drugs will move to a lower tier, leading to co-payments less expensive for you

2. How your Medicare Advantage plan benefits change

Medicare Advantage plans typically offer additional benefits beyond the scope of what original Medicare covers. It’s important to see which of these benefits your plan keeps in the new year and don’t take them.

It’s also possible that your Medicare Advantage plan will add benefits for 2025. This is important information to have. But before you get too excited, realize that just because a particular Advantage plan offers a particular benefit doesn’t mean it’s accessible to all enrollees. If you see new benefits added, ask to make sure they are options you can take advantage of. You may need a certain diagnosis to use some of your plan benefits.

3. How your Medicare Advantage plan network changes

One limitation of Medicare Advantage is that you are generally limited to a specific provider network. With Original Medicare, you may have more than one doctor you can see.

Pay attention to changes in your provider’s network If your main reason for staying with your Medicare Advantage plan is to keep access to a particular doctor who will be out of network in 2025, that may be a good reason to change your coverage.

Whether you’re happy with your current Medicare plan or not, it’s important to read the change notice carefully. By doing so, you can set yourself up for a successful open enrollment this fall.