Each fall, Medicare gives beneficiaries an important opportunity to review their healthcare coverage and make sure it still fits their needs. Medicare’s Annual Enrollment Period runs from October 15 through December 7, 2026, with most coverage changes taking effect January 1, 2027.
If you are already on Medicare, I encourage you not to simply assume that the coverage you had this year will automatically be the best choice for you next year. Medicare Advantage plans and Medicare Part D prescription drug plans can change from year to year. Premiums, deductibles, copays, prescription drug formularies, pharmacy networks, provider networks and other benefits can all change.
Why Review Your Medicare Coverage Every Year?
Even if you are happy with your current coverage, an annual Medicare review is a good habit. Here are a few reasons why:
Your prescription drugs may have changed. A new medication—or a change in how your existing medications are covered—could significantly affect your annual out-of-pocket costs.
Your plan can change. Medicare Advantage and Part D plans may change premiums, deductibles, copays, formularies, pharmacy networks and other benefits from one year to the next.
Your doctors and healthcare needs may change. For those enrolled in Medicare Advantage, it is particularly important to confirm that your preferred doctors, hospitals and specialists will continue to participate in your plan's network.
Medicare Supplement premiums can change. Although Medicare Supplement, or Medigap, policies do not follow the same October 15–December 7 annual enrollment rules, it can still be helpful to review your existing policy and premium. Changing Medigap policies may require medical underwriting depending on your circumstances and state protections, so don't cancel existing coverage until you know a replacement has been approved.
Your financial situation may have changed. Medicare premiums can be affected by income, which makes Medicare planning an important part of your overall retirement and tax strategy.
Medicare Is Part of Your Retirement Plan
Medicare should never be viewed completely separately from the rest of your financial plan. Decisions about retirement dates, Social Security, Roth conversions, IRA distributions and other taxable income can potentially affect what you pay for Medicare.
One area that often surprises retirees is IRMAA—the Income-Related Monthly Adjustment Amount. If your income exceeds certain Medicare thresholds, you may pay an additional amount for Medicare Part B and Part D. Because Medicare generally looks back at your tax return from two years earlier to determine IRMAA, financial decisions you make today can potentially affect your Medicare costs in the future.
Understanding these rules ahead of time can make a meaningful difference. And when someone is first becoming eligible for Medicare, getting the timing wrong can potentially result in late-enrollment penalties that may continue for many years—and, in certain cases, for as long as you have Medicare coverage.
Join Me for Our Medicare Lunch & Learn
If you are approaching age 65, becoming eligible for Medicare, or simply trying to understand how Medicare Supplement coverage works, I invite you to join me for our upcoming educational Lunch & Learn:
Tuesday, October 20, 2026
11:30 a.m. – 1:00 p.m.
Everest Retirement Planners Office
We will discuss the basics of Medicare, Medicare Supplement plans, important enrollment considerations and how Medicare fits into an overall retirement plan. I will also spend time explaining IRMAA, including how the surcharge works, why some retirees unexpectedly encounter it, and why coordinating Medicare decisions with retirement and tax planning can be so important.
We're Here to Help
Medicare can feel complicated, but you don't have to navigate it alone. I am happy to help our clients review their Medicare Supplement coverage and understand the choices available to them. When appropriate, our office can also provide resources to assist with Medicare Advantage and Medicare Part D prescription drug plan reviews.
My goal is not simply to help you choose healthcare coverage. It is to help make sure your Medicare decisions coordinate with the rest of your retirement journey.
If you have questions about Medicare, would like assistance reviewing your current coverage, or would like to attend our October 20 Lunch & Learn, please reach out to our office. I would be glad to help.
Not endorsed by, or affiliated with, the Center for Medicare and Medicaid Services (CMS) or any other government entity.
Maria Romeo
Aging Resource Specialist
Everest Retirement Planners
Plan First, Invest Second.