If You're on Medicare, Should You Review Your RX Options Yearly?
⚡ Key Facts
- Short answer Yes — every year
- When to review Annual Election Period: Oct 15 – Dec 7
- Changes take effect January 1 of the following year
- Potential savings Hundreds to thousands per year
- Cost to compare Free with an independent agent
Why Plans Change Every Year
Part D plan costs, including premiums, deductibles, copays, and coinsurance, can change from year to year. Insurance carriers update their formularies, adjust copay tiers, modify pharmacy networks, or increase premiums. A plan that covered all your medications at a low cost this year might move one of your drugs to a higher tier next year.
The Annual Election Period
The Annual Election Period (AEP) runs from October 15 through December 7 each year. During this window, you can switch Part D plans, switch Medicare Advantage plans, or move between Original Medicare and Medicare Advantage.
Pro tip: Don't wait until December. Start reviewing your options in mid-October when the new plan information becomes available. This gives you time to compare carefully without feeling rushed.
How Much Can You Save?
The savings from switching to a better-suited plan can be substantial. Some beneficiaries save hundreds or even thousands of dollars per year simply by switching to a Part D plan that better covers their specific medications.
Get Help Comparing Plans
Comparing Part D plans on your own can be overwhelming — there are often 20 or more options in any given area. As an independent agent, I can run a personalized comparison based on your exact medications, preferred pharmacies, and budget in about 15 minutes. This service is free.
Have Questions? Let's Talk.
I'm here to help you understand your options — at no cost to you.
📅 Schedule a Free Consultation