Comparing or reviewing your Medicare plan every year can help you get a full range of benefits, often at lower costs and with more convenience.

Research suggests that more than half of people with Medicare plans don’t compare or review their plans every year.

Staying with your current plan requires less effort than switching, but you could be paying more than you need to or missing out on benefits altogether.

This article reviews factors to consider to help you decide whether to shop around or stick with your existing Medicare plan.

Deciding to switch Medicare plans isn’t a choice to make lightly. Changing Medicare plans can improve your healthcare experience or make it worse. Some plans may be pricier or lack important benefits. Others could potentially improve your coverage and reduce costs.

With so many plan options, making a choice can be overwhelming. Consider discussing available options with a licensed Medicare adviser or using online tools to compare plans.

Some changes you might want to consider may include:

  • changing from Original Medicare (parts A and B) to Medicare Advantage (Part C)
  • changing from a Medicare Advantage plan to Original Medicare
  • changing from one Medicare Advantage plan to another
  • adopting or canceling a Medigap plan, which is supplemental insurance
  • adopting, canceling, or changing a Medicare Part D plan, which is a prescription drug plan

Here are some factors to consider when deciding whether to stay with your current plan or switch.

The most important thing to consider is the kind of coverage you need. If your plan covers all your needs, keeping it may be the way to go. But if your current plan has considerable gaps, then switching may help you get the coverage you need.

You may also consider getting supplemental coverage to meet the needs your current plan doesn’t cover.

Some Medicare plans are more expensive than others. Review your current plan’s monthly costs — including premiums, deductibles, and copayments — and compare them with the costs and coverage of other plans. This can help you see whether your benefits line up with what you’re paying.

You should also consider Medicare out-of-pocket maximums. While Original Medicare (Part A and Part B) has no out-of-pocket maximum, Medicare Advantage plans do have an out-of-pocket limit.

And while some Medicare Advantage plans are free, meaning you don’t need to pay a monthly premium, you’ll still have to pay other premiums, deductibles, and copayments.

Before changing your Medicare plan, be sure to note which doctors, pharmacies, and hospitals you currently use and plan to use in the future.

Many Medicare Advantage plans have limited networks that restrict your choice of doctors, pharmacies, and hospitals.

The term “in network” is used to describe healthcare providers that work with your specific Medicare plan, meaning your plan will help cover the services they offer. The term “out of network” describes healthcare providers whose services are not covered by your Medicare plan.

If your current Medicare plan covers your preferred doctor, hospital, and pharmacy, keeping it may be the best option. If not, you may want to change to a plan that covers them.

If you have a health condition that requires expensive medication and specialized procedures, you should consider this before changing your Medicare plan. Your current healthcare costs and the number of times you visit a doctor are crucial.

If you see a lot of specialists or are anticipating planned surgeries, such as a hip replacement, you may fare better with Original Medicare and a Medigap plan to help cover additional costs. This coverage option will have higher monthly premiums, but you’ll have fewer medical bills to pay out of pocket.

If you have more than one home or travel often between states, you might consider changing to a Medicare plan with an extensive network. Doing so will help you find in-network healthcare providers wherever you are.

Supplemental insurance coverage, called Medigap, may be your best bet if you travel outside the United States because Medicare doesn’t cover you abroad.

It’s important to note, though, that you can get Medigap only with Original Medicare (parts A and B). You cannot have Medigap and a Medicare Advantage (Part C) plan at the same time.

Insurance providers can sometimes suddenly change their offerings. For example, Medicare providers can reduce the locations, drugs, and procedures it covers, which can affect your costs and access to care.

If this happens, carefully review the changes to decide whether your plan still works for you or whether it’s time to switch.

If you’re satisfied with your current plan’s services, you may not feel a need to switch. But if you consistently get unpleasant or mediocre service from your plan’s customer service representatives — for example, you have to wait on hold for a long time before you get a person to talk to — it might be time to start shopping for a better plan.

Even if you don’t have complaints about your current plan, you should consider how favorable its ratings are. A plan with low ratings likely delivers poor service to its clients, and it might just be a matter of time before you have a similar experience.

Medicare Advantage plans are rated on a 5-star system, with 1 star being the lowest rating and 5 stars being the highest rating. You can find star ratings by using Medicare’s plan finder tool or by calling 800-MEDICARE.

Some Medicare Advantage (Part C) plans offer extra benefits beyond basic coverage. Additional benefits to look out for include:

  • wigs
  • fitness
  • acupuncture
  • telemedicine
  • routine eye exams
  • routine dental exams
  • routine hearing tests
  • chiropractic services
  • bathroom safety devices
  • emergency response systems
  • over-the-counter benefits
  • transportation to medical appointments

To get a complete list of plan benefits, you may want to contact a plan representative.

It’s hard to predict the future, but some factors that might change over time and affect your plan choice include:

  • where you live
  • your overall health
  • your financial situation
  • current medications and planned surgeries
  • the expiration of your existing coverage
  • eye, dental, or hearing needs

Can I change my Medicare plan at any time?

You can change your plan during specific periods every year. These periods are:

  • Open enrollment period, from October 15 through December 7: During this period, you can change your Medicare plan from Original Medicare to Medicare Advantage or from Medicare Advantage back to Original Medicare.
  • Medicare Advantage open enrollment period, from January 1 through March 31: During this period, you can change your Medicare Advantage plan.
  • Special enrollment periods: Special enrollment periods are granted under exceptional circumstances, such as:
    • You’ve moved out of your plan’s coverage area.
    • Your plan is canceled.
    • You’ve moved into or out of a facility.

Deciding to keep or change your Medicare plan should be an informed choice based on your needs and budget. The best plan for you will give you access to services, benefits, and support without straining your wallet.

If you aren’t sure which plan to choose, consider contacting a licensed Medicare adviser. And remember, you can always change a plan that isn’t serving you during the designated enrollment periods.