Every fall, from October 15 to December 7, Medicare gives you a window called the Annual Enrollment Period, or AEP, when you can change your Medicare Advantage or Part D prescription drug plan for the year ahead.
Most people don't change anything. That's completely fine, as long as you've actually checked that nothing changed under you. Plans are allowed to adjust premiums, drug coverage, and networks every year, even the one you're already happy with. A lot of people find out in January that something did.
Here's what I actually walk clients through every fall, whether we end up changing anything or not.
Every carrier mails one by the end of September. It's called the ANOC, and it's the single fastest way to see exactly what's different about your plan next year: premium, deductible, copays, and drug coverage. It's easy to set aside with the rest of the mail. Don't.
A formulary is just the list of drugs a plan covers, and which tier, or price level, each one falls into. Formularies change every year. A medication that was affordable in 2026 can move to a higher tier, or drop off the list entirely, for 2027.
This matters most if you're on a Medicare Advantage plan. Networks shift every year, sometimes without much notice. The doctor you've seen for a decade being quietly dropped is one of the most common surprises I hear about, and one of the easiest to catch ahead of time.
A lower monthly premium can still add up to more out of pocket over a year, depending on your deductible, copays, and your plan's out-of-pocket maximum, the most you'd pay in a year before the plan covers 100%. The premium is the number everyone notices. It's rarely the number that matters most.
Dental, vision, hearing, an over-the-counter allowance. These are worth having, but allowances and coverage amounts can change year to year too. It's worth checking whether you're actually using what you have, and whether it's still there next year in the form you expect.
A new diagnosis, a move, a change in income. Any of these can shift what makes sense for next year, and a change in income can even affect whether you qualify for Extra Help, a program that lowers what you pay for prescription drugs if your income is limited.
AEP runs October 15 through December 7, and any change you make takes effect January 1. If you're on Medicare Advantage, there's also a second window, January 1 through March 31, when you can make one additional plan change if you need it. That second window isn't available if you're on Original Medicare with a Medigap plan.
If you don't act during AEP, you're automatically kept on your current plan as it exists for next year, changes and all. Staying put can absolutely be the right call. It just shouldn't be the default because the checklist felt like too much to get through.
If you get through this list and everything still checks out, that's a good outcome. If something doesn't, or you're not sure how to read your own ANOC, that's exactly what I'm here for.
