5 Things to Review Before Medicare's Annual Enrollment Period

Every October, Medicare opens its Annual Enrollment Period — and every year, most people let it pass without a second look. The result? They stay in a plan that quietly got more expensive, dropped a favorite doctor, or changed its drug coverage. A 30-minute review now can save you hundreds — sometimes thousands — next year.

Here are the five things to check before October 15, so you're ready to act the moment AEP opens.

1. Your total yearly costs — not just the premium

The monthly premium is the number everyone fixates on, but it's only a fraction of what you actually pay. Your real cost is the total estimated yearly cost: premiums plus deductibles, copays, coinsurance, and the maximum out-of-pocket (MOOP) limit.

A plan with a $0 premium can still cost more than one with a $30 premium if the copays and MOOP are higher. Pull your Annual Notice of Change (ANOC) — it arrives in late September — and compare the new cost figures against what you paid this year.

2. Whether your doctors are still in-network

Networks change every year. A doctor who was in-network this year may not be next year — and if you're in a Medicare Advantage HMO, seeing an out-of-network specialist can be very expensive.

3. Your prescription drug coverage

Drug formularies change annually. A medication that was a Tier 1 (lowest copay) this year might move to Tier 3 or higher next year — doubling or tripling your cost at the pharmacy. Some drugs get dropped entirely.

List every prescription you take, including dosage and frequency. Use the Medicare Plan Finder or ask a licensed agent to run your drug list against available plans. This single step often reveals the biggest savings.

4. The extra benefits you're using — or missing

Many Medicare Advantage plans include benefits that Original Medicare doesn't: dental, vision, hearing, fitness memberships, OTC allowances, and transportation. But these benefits change too.

If you're using a gym membership, dental benefit, or OTC card, check whether it's still offered next year — and at what level. If you're not using these benefits at all, a lower-cost plan without them might be a better fit.

5. Your plan's star rating

CMS rates Medicare Advantage and Part D plans on a 1-to-5 star scale every year. A 5-star plan isn't just a quality signal — it also unlocks a Special Enrollment Period that lets you switch to it at any time of year, not just during AEP.

If your current plan dropped from 4 stars to 3, or if a 5-star plan is available in your area, that's worth knowing before October 15. You can compare plans and star ratings at Medicare.gov or with a licensed agent.