5 Things to Check Before Keeping Your Medicare Plan for 2027
If you're happy with your current Medicare coverage, you might assume there's no reason to make changes during Open Enrollment. However, even if your plan worked well for you this year, that doesn't necessarily mean it will offer the same coverage, costs, or benefits in 2027.
Medicare plans can change from year to year, which is why taking the time to review your coverage is so important. Before deciding to keep your current plan, here are five things you should check.
1. Review Your Prescription Drug Coverage
One of the most important things to review is your prescription drug coverage. Medicare Part D and Medicare Advantage plans that include prescription coverage can change their lists of covered medications, also known as formularies.
A medication that was covered this year may have different restrictions or costs in 2027. Even small changes to copayments or coverage tiers can make a difference in your annual healthcare expenses.
Take a few minutes to compare your current medications with your plan's coverage for the upcoming year.
2. Make Sure Your Doctors Are Still in Network
If you have a Medicare Advantage plan, it's important to verify that your preferred doctors, specialists, and hospitals will remain in your plan's network for 2027.
Provider networks can change, and continuing to see an out-of-network provider could result in higher costs or limited coverage.
Before renewing your plan, confirm that the healthcare professionals and facilities you rely on will still be accessible under your coverage.
3. Check Your Preferred Pharmacy
Did you know that the pharmacy you use can affect how much you pay for prescriptions?
Some Medicare plans have preferred pharmacy networks that offer lower prescription costs at certain locations. These networks can change from year to year.
Review your plan's pharmacy network to make sure your preferred pharmacy is still included and offers competitive pricing for your medications.
4. Compare Your Total Healthcare Costs
When evaluating your Medicare coverage, it's important to look beyond your monthly premium.
Consider your plan's:
- Monthly premiums
- Annual deductibles
- Copayments and coinsurance
- Maximum out-of-pocket costs, if applicable
- Prescription drug expenses
A plan with a lower monthly premium isn't always the most affordable option when you consider your overall healthcare needs.
Understanding the full picture can help you make a more informed decision about your coverage for 2027.
5. Read Your Annual Notice of Change
Each year, Medicare Advantage and Part D plans send members an Annual Notice of Change (ANOC), typically by September 30.
This document outlines important changes to your plan for the upcoming year, including adjustments to costs, coverage, and benefits.
Even if you don't anticipate making changes, reviewing this notice can help you avoid unexpected expenses or coverage surprises in January.
Don't Wait Until the Last Minute
Medicare's Annual Open Enrollment Period runs from October 15 through December 7, 2026. During this time, eligible beneficiaries can review their current coverage and make changes for 2027.
At Campbell Financial & Calland & Campbell Insurance, we understand that navigating Medicare options can feel overwhelming. Our team is here to help you review your coverage, understand your options, and make informed decisions based on your individual needs.
Contact us today to schedule a Medicare coverage review before Open Enrollment ends on December 7.
