Why Reviewing Your Medicare Plan Each Year Matters
Bankers Life, Sherry Einhaus
For more information about the author, click to view their website: Bankers Life Sherry Einhaus LTC
Jul 23, 2026
Pennsylvania - Greater Pittsburgh Area
The Centers for Medicare & Medicaid Services (CMS) recommends that
all Medicare recipients review their coverage annually during open enrollment.
Yet, a recent Kaiser
Family Foundation survey revealed that over 70% of
beneficiaries skip this step. While you may feel satisfied with your
current plan, taking time to review your options can save money and ensure you
have the coverage you need.
Open Enrollment: Key Dates
Open
enrollment runs October 15–December 7 each year. Any
changes you make during this period will take effect January 1 of the
following year. Mark your calendar—this is your window to make adjustments.
Your Toolkit: ANOC and EOC
Before open enrollment begins, your plan will send two
important documents:
- Annual
Notice of Change (ANOC): Outlines any changes for the
upcoming year.
- Evidence
of Coverage (EOC): Details what your plan covers,
including deductibles, co-pays, and premiums.
If you don’t receive these by the end of September, contact
your plan immediately.
Smart Steps for Reviewing Your Coverage
When evaluating your Medicare options, keep these tips in
mind:
- Check
Your Providers and Prescriptions: Confirm your doctors and medications
are still included. If your prescriptions changed this year, another
plan might offer better coverage.
- Look
Beyond the Monthly Premium: A lower premium doesn’t always mean lower
overall costs. Review deductibles,
co-pays, and out-of-pocket expenses.
- Explore
Extra Benefits: Medicare
Advantage plans may include perks like vision, dental, or fitness
programs that help reduce out-of-pocket costs.
- Consider
Medicare Supplement insurance: If you’re switching to Original
Medicare, consider supplementing your coverage with Medicare Supplement
insurance—also
known as Medigap.
Helpful Resources
Use Medicare’s Plan
Finder tool to compare options and find a plan that fits your
needs.
Need Financial Help?
If costs feel overwhelming, you’re not alone. Programs exist
to help:
- Extra Help
Program: Assists with Part D premiums, co-pays, and
deductibles for those with limited income and resources.
- Medicare
Savings Programs: State-based programs that help cover
Medicare costs for eligible individuals.
Related: Saving
Money With Medicare Extra Help Prescription Program
Bottom line: Reviewing your Medicare plan each
year ensures you’re getting the best coverage for your health and your budget.
A little time now can save you money—and stress—later.
Keep reading: Why
Working With a Licensed Insurance Agent Can Make All the Difference in Your
Medicare Journey
We’re Here for You!
Bankers Life is here to help customers with their financial
and insurance needs so please visit us at BankersLife.com to
learn more.
Bankers Life is not affiliated with or endorsed by the U.S. government or the federal Medicare program.
- To view the original version of this article visit www.bankerslife.com/insights/understanding-insurance/why-reviewing-your-medicare-plan-each-year-matters/
- Seniors Blue Book was not involved in the creation of this content.
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Bankers Life Sherry Einhaus LTC
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Without preparation, families may be forced to spend down savings, sell assets, or rely heavily on loved ones for caregiving support.Long-term care insurance may help provide financial protection and flexibility by helping cover the cost of care services that traditional health insurance or Medicare may not fully pay for.-Planning ahead can help families:-Protect retirement income and savings-Reduce financial stress on spouses and adult children-Preserve independence and care choices-Avoid placing caregiving burdens entirely on family members-Create a financial strategy before a health crisis occursUnderstanding Long-Term Care Insurance in Simple TermsLong-term care insurance is designed to help pay for extended care services when someone can no longer fully care for themselves independently. Policies vary, but many plans may help cover care in the home, assisted living communities, memory care settings, or nursing facilities.Some policies may include benefits for:-Home healthcare services-Assisted living expenses-Skilled nursing care-Rehabilitation support-Alzheimers and dementia care-Respite care for family caregivers-Care coordination servicesFor many seniors, one of the biggest advantages of long-term care insurance is having more options and control over where and how care is received.Instead of exhausting savings or depending entirely on family members, individuals may be able to maintain greater independence and dignity while receiving the support they need.The Connection Between Long-Term Care and MedicaidMany people are confused about the relationship between long-term care insurance and Medicaid. Medicaid is a government program that may help cover long-term care costs for individuals who meet certain income and asset requirements.However, qualifying for Medicaid often requires individuals to spend down much of their savings and assets before becoming eligible. This can create significant financial hardship for families who hoped to preserve assets for a spouse or future generations.This is why Medicaid planning and long-term care planning often go hand-in-hand.Planning ahead may help seniors:-Better understand Medicaid eligibility rules-Protect certain assets when legally possible-Avoid unnecessary financial surprises-Prepare for future healthcare needs-Reduce stress on family members during emergenciesWhile Medicaid can be an important safety net, many families prefer to explore long-term care insurance options early so they may have more flexibility, privacy, and choice regarding their future care.Why Families Should Start Planning EarlyOne of the biggest mistakes families make is waiting too long to begin planning for long-term care. Health conditions, aging, or unexpected medical events can happen suddenly, and insurance options may become more limited or expensive later in life.Starting the conversation earlier may provide:-More affordable insurance options-Greater eligibility opportunities-Better financial planning flexibility-More choices for future care-Peace of mind for the entire familyAdult children are also increasingly becoming involved in long-term care discussions with parents. Having open conversations before a crisis occurs may help families make thoughtful decisions together instead of rushed emotional decisions during emergencies.Helping Protect Spouses and Loved OnesOne of the greatest concerns many seniors have is protecting a spouse financially if extensive care becomes necessary. Long-term care costs can quickly impact household income, retirement accounts, and savings built over decades.Long-term care planning may help:Preserve retirement assetsProtect a healthy spouse from financial hardshipMaintain quality of lifeReduce caregiver burnoutSupport family stability during health challengesFamilies often discover that planning ahead is not simply about money it is about protecting relationships, reducing stress, and preserving dignity during difficult seasons of life.A Local Resource for Pittsburgh Seniors and FamiliesFamilies throughout Pittsburgh, Bethel Park, Mt. Lebanon, Upper St. Clair, Peters Township, Washington County, and surrounding communities are increasingly seeking trusted guidance regarding aging, retirement, healthcare expenses, and long-term care planning.Working with a local professional like Sherry Einhaus through Bankers Life allows individuals to ask questions, explore options, and better understand complex topics in a simple and approachable way.Areas commonly discussed include:-Long-term care insurance-Medicaid planning education-Retirement protection strategies-Final expense planning-Medicare supplement insurance-Asset protection concepts-Healthcare cost planning-Insurance solutions for seniorsThe goal is to help families feel educated, informed, and prepared not overwhelmed.Planning Ahead Is an Act of LoveMany people avoid discussing long-term care because the topic can feel uncomfortable or emotional. However, planning ahead is truly one of the most caring and responsible things someone can do for their family.Preparing now may help:-Protect loved ones from difficult financial decisions later-Preserve savings and retirement income-Maintain greater independence and care choices-Reduce emotional stress during health emergencies-Provide confidence and peace of mind for the futureThe reality is that aging is unpredictable, but having a plan in place can make an enormous difference.Helping Families Navigate the Future with ConfidenceLong-term care insurance and Medicaid planning are important parts of a complete retirement strategy. By understanding available options and preparing early, seniors and families can take proactive steps toward protecting their financial future and healthcare choices.Whether someone is beginning retirement planning, helping aging parents, or exploring ways to protect family assets from long-term care expenses, Bankers Life and Sherry Einhaus provide educational support and personalized guidance designed to help families make informed decisions with confidence.Planning ahead today may help create greater security, stability, and peace of mind for tomorrow.