BY TCO Insights Team
Medicare’s Annual Enrollment Period is an important opportunity for retirees to confirm that their health coverage still fits their needs. Running from October 15th through December 7th each year, this window allows eligible individuals to make changes that take effect January 1st of the following year.
Even if you are happy with your current coverage, it is wise to review your plan annually. Medicare Advantage and Part D prescription drug plans can change premium amounts, deductibles, copayments, provider networks, covered medications, and pharmacy arrangements from one year to the next. A plan that worked well in 2026 may not offer the same value in 2027.
Start by reviewing your plan’s Annual Notice of Change (typically received in the fall) to determine if there are substantial changes to the following:
Prescription coverage deserves particular attention. Make a current list of every medication you take, including dosage and frequency. Then compare how each plan covers those prescriptions. Check for tier changes, quantity limits, step therapy requirements, and whether a medication has been removed from the formulary. Using Medicare’s official plan-comparison resources can help identify potentially lower-cost options. (find the plan that works for you)
Your personal circumstances may also have changed. Consider whether you have added doctors, moved, received new diagnoses, begun taking new medications, or anticipate procedures or travel in the coming year. These changes can affect which plan structure offers the most appropriate coverage and access.
Avoid waiting until the final days of enrollment. Allow time to review materials carefully, ask questions, and verify details directly with plans and providers. Changes made by December 7th can help ensure your Medicare coverage is aligned with your health-care needs and financial priorities for 2027.