It’s almost that time of year to review your Medicare prescription drug plan or Medicare Advantage plan to make sure it fits with your budget and healthcare needs next year.
Open Enrollment, the period between October 15 and Dec. 7, allows beneficiaries to change their prescription drug plan or Medicare Advantage plan. Beneficiaries can also change from original Medicare to a Medicare Advantage Plan (or vice versa) during this period.
During Open Enrollment, certified MI Options Medicare Assistance counselors from AgeWays Nonprofit Senior Services will meet with you in person, by phone, or virtually to help review your plan and, if you choose, enroll you in one that is more suitable for your needs.
There is no cost to meet MI Options Medicare Assistance counselors, who are not affiliated with health insurance companies so have no incentive to point you to a particular plan or company.
AgeWays will be offering these free benefit reviews via phone and Microsoft Teams and at in-person events scheduled at community venues throughout our six-county service region. To make an appointment to meet with a counselor, call 248-262-0545. See the full schedule of in-person events. (Appointments required).
The review typically takes about an hour.
The federal government, which funds Medicare, has not yet released the cost of premiums for 2026. That typically happens in late October. Premiums for Part D vary from $0 on up.
Premiums for Part B, which are deducted from your Social Security check, are projected to rise, as is the cap on the amount you’ll pay each year for prescription medications (in 2025, it is $2,000). However, you will be able to pay those costs over the course of the year.
Vaccines will remain free.
Also in 2026, as part of the Inflation Reduction Act, drug prices for 10 medications without a generic equivalent will fall due to direct price negotiation with drug manufacturers. Lower medication costs may drive down out-of-pocket costs, as well.
The 10 drugs are:
The federal government is expected to negotiate for lower prices on 17 additional drugs in 2027. They are:
Nearly 70% of Medicare beneficiaries fail to compare plans during Open Enrollment, according to the Kaiser Family Foundation.
Those with Medicare Advantage plans – an increasingly larger segment of the Medicare market –can be most impacted by not doing a yearly comparison. Medicare Advantage plans can change their premiums, cost-sharing requirements, provider networks, or prior authorization requirements from year to year.
So, check your plan.
“With all the changes in prices and such, it’s more important than ever to check your plan, because you may find there are plans with a lower premium or lower drug costs that still allow you to see your current providers and may provide extra services, as well,” says Shari Smith, Outreach and Partnership Manager for the MI Options Medicare Assistance Program.
If you have a Medicare Advantage plan, you may want to purchase a rider for additional dental, hearing, and vision benefits, she says.
To make an appointment for a Medicare Part D/Medicare Advantage benefits review, call us at 248-262-0545 or go to ageways.org.
MI Options Medicare counseling is available during Open Enrollment and year-round. You can also access services by contacting the MI Options statewide call center at 800-803-7174.
AgeWays Central Office
29100 Northwestern Hwy.,
Suite 400
Southfield, MI 48034
TTY: (800) 649-3777 (Michigan Relay)
Fax: (248) 262-9971
