Seniors need to pay attention because there are several changes for 2025, and some will have to change their coverage.
More than 67 million Americans are enrolled in Medicare and choosing a plan this year is tougher because certain plans aren't available anymore.
Experts say it's because, for the first time, out-of-pocket prescription drug costs will be capped annually at $2,000.
That's good news for a lot of consumers. It will save them money on medication. The bad news is that it's having a domino effect.
Insurance companies are now tweaking and trimming their offerings to pay for their loss in revenue.
The trimmings are on items like dental coverage, cutting certain plans altogether, and increasing charges like deductibles, premiums, or co-pays that all Medicare enrollees pay.
"Some plans may be ending or merging. Premium costs could be changing," said Elizabeth Ayoola of NerdWallet.
But there are ways to find the best plans for you.
First, if you don't already have one, create an account on Medicare.gov, then enter your medications and at least a couple of pharmacies near you to compare available plans, providers, and drug costs.
NerdWallet also has resources to compare different plans. If you're not internet savvy, you can also talk to someone by phone.
"They can call directly and speak to a specialist and they can basically work them through their options and find the best plan that aligns with their healthcare and their financial needs as well," Ayoola said.
If you need financial assistance, check out programs like Medicare's Extra Help and Medicare Savings Programs or free discount programs like GoodRx, which might save you money over your prescription drug plan.
But remember, prescriptions using discount programs like GoodRX won't count toward your deductible. You should also look at manufacturer savings cards.
Even if your current plan is still available, it's important to consider any changes to your health and reassess every year.
"Some people may have started the year relatively healthy and ended the year with a new condition that for example, requires more prescription drugs. And then therefore they may need to adjust their plan," Ayoola noted.
You can also talk to a professional like an insurance broker who represents all insurance companies so it's not biased toward anyone.
There is also free one-on-one counseling through the State Health Insurance Assistance Program, which will connect you with local agencies.
Experts say there is one more thing to keep in mind.
"With original Medicare, usually you get nationwide coverage, but Medicare Advantage can be more limited. So thinking ahead to next year, you wanna think about if you have plans to move and whether your healthcare plan will still be beneficial in that case," Ayoola said.
Again, you have until December 7 to make changes and pick plans.
Part D enrollees can opt, for free, to pay for medications in monthly installments over the year instead of all at once, and experts say everyone should do that.