Millions of older Americans get their health coverage through Medicare. But Medicare coverage isn't one-size-fits-all, and it's not something to simply set and forget.
Whether you're on original Medicare and have a Part D plan for drug coverage or you have all-in-one coverage through Medicare Advantage, it's important to review your plan choices every year during the program's fall open enrollment. But open enrollment has been going strong since mid-October, and it's coming to an end on Dec. 7. So at this point, you're down to the wire in the context of choosing a new plan for 2025.
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That doesn't mean it can't be done, though. So if you're someone who could benefit from new Medicare coverage, it pays to take the opportunity in the coming days.
Should you switch your Medicare coverage for 2025?
Not everyone needs to switch Medicare plans from year to year. If you're happy with your current Part D or Advantage plan and it's staying the same in 2025, then you may decide to just stick with it. (If you're not sure, check your plan's notice of change to confirm.)
However, you should consider changing Medicare Advantage plans if any of the following circumstances apply to you:
- Your plan is getting more expensive
- Your plan is dropping supplemental benefits you were using
- Your plan is adding a number of benefits you don't need (you may end up overpaying for coverage if that's the case)
- Your health needs have changed
- Your preferred providers will no longer be in-network in 2025
If you're enrolled in a Medicare Part D plan, you should consider making a change for 2025 if any of these circumstances apply to you:
- Your plan is getting more expensive
- Your medications are being bumped into a higher tier with greater out-of-pocket costs
- Your medications are changing
- Your preferred pharmacies will no longer be in-network
What to look for in a new Medicare plan
Whether you're seeking out a Part D drug plan or a Medicare Advantage plan for 2025, it's important to be mindful of these factors:
- Premium costs. Some Advantage and Part D plans don't charge a premium, but some do.
- You may be subject to a deductible based on the plan you choose.
- Copays for medications. These will depend on the specific drugs you take and the way your plan classifies them.
- Benefits. In the context of Medicare Advantage, make sure the extra benefits you need most are covered by your plan. Most Advantage plans pay for dental care, eye exams, and hearing aids.
- Star rating. Medicare gives plans one to five stars based on a variety of factors, including enrollee satisfaction. The more stars a given plan has, the more promising it might be if all of the other factors (like cost and coverage) align.
If you're not sure how to get started with finding a new plan, use Medicare's plan finder. It's a great way to narrow down your choices.
Although Medicare open enrollment is almost over, you still have until Dec. 7 to make changes for 2025. Don't squander that opportunity, because it could lead to less expensive costs and better coverage for 2025.
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