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For many beneficiaries, after you first enroll in a private Medicare insurance plan such as a Medicare Advantage plan or a stand-alone Medicare Prescription Drug Plan, you may not think about it again. If you’re happy with the benefits, you might ignore the Annual Election Period each fall and continue with the same plan for years. But maybe you should take a second look at your Medicare plan options.
Plan details can change each year, and of course, your health needs and budget may change over time. While it’s fine to stay with the same Medicare plan, if you take a little time to review your situation and the benefits you need, switching Medicare plans annually could pay off.
This graphic covers some of the top reasons why you may want to review your Medicare coverage each year and how you might benefit from switching plans during the fall Annual Election Period, also known as the Open Enrollment Period for Medicare Advantage and Medicare Prescription Drug coverage.