January is an important month for Medicare beneficiaries. With a new year comes new deductibles, updated benefits, and changes that can affect how your coverage works when you need it most. Taking a few minutes at the beginning of the year to understand your Medicare coverage can help you avoid surprises later on.
Understanding Your New-Year Benefits
Each January, Medicare resets deductibles and cost-sharing amounts. This applies to Original Medicare as well as many Medicare Advantage and prescription drug plans. Knowing what has reset can help you budget for healthcare expenses and plan upcoming appointments with confidence.
Prescription Drug Coverage Changes
Even if your plan stayed the same, formularies and pharmacy networks can change at the start of the year. It’s a good idea to confirm that your medications are still covered and understand any changes to copays or preferred pharmacies.
Medicare Advantage Plan Updates
Medicare Advantage plans may adjust provider networks, copays, and extra benefits from year to year. Reviewing your Annual Notice of Change and Evidence of Coverage helps ensure you know how your plan works before you need care.
Medigap and Supplemental Coverage Review
For those with Medicare Supplement plans, January is a good time to review premiums and make sure your coverage still aligns with your healthcare needs and budget.
Why a January Medicare Review Matters
A simple coverage review early in the year can prevent gaps, unexpected costs, and confusion later on. Working with a local Medicare advisor can help you understand your options and ensure your coverage supports your health and financial goals.
Medicare isn’t something you should set and forget. Starting the year informed helps you use your benefits with confidence throughout the months ahead. If you have questions about your coverage or want help reviewing your plan, a local Medicare advisor can guide you through your options.