Why You Should Review Your Medicare Part D Plan Every Year

When it comes to Medicare, too many people make a costly mistake: they enroll in a Part D prescription drug plan and never look back. But what worked for you last year may not work for you this year. Medicare Part D plans are not one-size-fits-all, and they’re certainly not static. Plans can change. Your prescriptions might change. Your preferred pharmacy could fall out-of-network. If you’re not paying attention, you might be throwing money away, or worse, losing access to medications you depend on.

That’s why reviewing your Medicare Part D plan every year during the Annual Enrollment Period (AEP), which runs from October 15 through December 7, is not just a smart move, it’s essential.

Part D Plans Change Every Year

One of the most overlooked realities of Medicare Part D is that insurance companies are allowed to make yearly changes to plan benefits, drug formularies, pharmacy networks, and costs. This means that even if you stay the same, your plan likely won’t.

Common changes include:

• Drug coverage shifts (adding or removing medications from the formulary)

• Tier adjustments that affect your copay or coinsurance

• Premium increases or deductible changes

• Changes in preferred or in-network pharmacies

These changes can lead to much higher out-of-pocket costs if you’re not careful. For example, a generic drug that was covered at a $5 copay last year could move to a higher tier, leaving you with a $30 charge this year. Or worse, it might not be covered at all.

Your Prescriptions Might Change, Too

Health conditions evolve, and new prescriptions are added or removed from your routine all the time. A plan that was ideal for your medication list a year ago might be inadequate today. That’s why reviewing your coverage based on your current prescriptions is key.

When reviewing options, it’s not just about the monthly premium. You should also calculate total annual costs based on the drugs you actually take (considering deductibles, copays, coinsurance, etc.).

Sites like MedicareSignups.com can help simplify this process by directing you to local licensed agents or plan comparison tools. These resources can help identify which plans cover your medications at the lowest total cost.

Pharmacies Matter More Than You Think

Each Medicare Part D plan has a network of pharmacies. Within those, some are considered “preferred,” meaning your drugs will typically cost less if you fill them there. Every year, these networks can change. A pharmacy you relied on in the past may no longer offer the lowest pricing with your current plan.

You don’t want to find out in January that your preferred pharmacy now charges double what it did last year because it’s no longer in-network. Reviewing your plan ensures you catch changes like this ahead of time and can switch plans if needed.

Penalties and Missed Opportunities

If you skip reviewing your Part D plan, you also risk financial penalties if you’re not currently enrolled and miss your window. Medicare charges a late enrollment penalty for those who go without credible drug coverage for 63 or more days. The penalty increases the longer you go without coverage and stays with you for as long as you have Medicare Part D.

Even if you are already enrolled, reviewing plans annually gives you the opportunity to upgrade to a better option. Whether that’s lower costs, more comprehensive drug coverage, or better pharmacy access.

Reviewing Only Takes Minutes, But Can Save Hundreds

According to data from MedicareSignups.com, many enrollees who switch Medicare Part D plans during the Annual Enrollment Period save $300 to $700 annually just by aligning their plan with their medication list and preferred pharmacy.

The Medicare.gov Plan Finder is one of the most accurate tools for comparing your specific costs across multiple plans. If that process feels overwhelming, licensed Medicare agents can help walk you through it at no cost to you. The assistance is free, and agents are trained to help find the most cost-effective solution for your personal situation.

Here’s when you should definitely review your plan:

1. Your prescriptions have changed since last year

2. Your current plan is increasing costs or changing its formulary

3. You’ve switched or want to switch pharmacies

4. You haven’t reviewed your coverage since enrolling

Even if none of the above applies, it’s still worth double-checking your options. You might discover a new plan with better prices or more favorable terms that you weren’t eligible for before.

Final Takeaway: Don’t Set It and Forget It

Medicare Part D isn’t something you “set and forget.” Each year, there’s potential to save money, get better coverage, or avoid losing access to essential medications. The Annual Enrollment Period is your opportunity to make those changes, but only if you take the time to review your options.

Use trusted resources like MedicareSignups.com or speak with a qualified Medicare advisor. A 30-minute review once a year can help you avoid months of frustration, hundreds in wasted costs, and potential coverage gaps.

In a system full of moving parts, reviewing your Part D plan annually is one of the smartest habits you can build.