How often must Medicare beneficiaries review their Plan D coverage?

The requirement for Medicare beneficiaries to review their Plan D coverage annually during the Annual Election Period (AEP) is crucial for ensuring that the plan continues to align with their current health needs and medication requirements. The AEP occurs from October 15 to December 7 each year, providing beneficiaries with the opportunity to evaluate their existing coverage and make any necessary changes.

This annual review is important because plan benefits can change from year to year. Premiums, deductibles, covered medications, and even the pharmacy networks might be adjusted, which could impact overall costs and access to necessary medications. By conducting this review, beneficiaries can ensure they are enrolled in a plan that best fits their evolving health situation, potentially avoiding higher out-of-pocket costs or gaps in medication coverage.

The other options do not align with the established guidelines as effectively. For example, waiting five years or only reviewing during a health crisis may result in beneficiaries being stuck with inadequate coverage for a prolonged period. Additionally, reviewing only at the start of each calendar year overlooks the critical AEP when beneficiaries have the full opportunity to explore and make changes to their coverage before the next plan year begins.