Business Owners

Medicare Part D: Is Your Current Plan Still the Right One?

If you're enrolled in Medicare Part D prescription drug coverage, there's one mistake you should avoid: assuming the plan you have today will still be your best option next year.

With Medicare's annual open enrollment period underway, now is the time to take another look at your coverage.

Even if your medications haven't changed, your prescription drug plan may have.

Why Your Current Plan May No Longer Be the Best Fit

Medicare Part D plans can change from year to year, including:

Monthly premiums and annual deductibles
Which medications are covered
What you pay for individual prescriptions
Which pharmacies offer preferred pricing

These changes can have a meaningful impact on your annual healthcare expenses.

For example, a medication that was relatively inexpensive under your current plan could move to a different pricing tier next year. Or another plan might offer the same prescriptions at a lower total annual cost.

That's why comparing plans based solely on monthly premiums can be misleading. What matters is your total expected cost, including premiums, deductibles, and prescription expenses.

What's Changing for 2027?

One important feature of Medicare Part D is the annual limit on out-of-pocket spending for covered prescription drugs.

For 2027, that threshold increases to $2,400, up from $2,100 in 2026.

While this protection can help limit expenses for individuals with costly prescriptions, it doesn't necessarily mean every Part D plan will provide the same value.

Your specific medications, pharmacy preferences, and plan details still matter.

A Little Homework Could Make a Difference

Before renewing your coverage, it's important to review your current prescriptions and compare available plans.

This is something we do annually for our clients. We review their medications, compare available Part D plans, and evaluate the estimated total annual costs to help determine whether their current coverage remains the best fit.

Medicare's annual open enrollment period runs from October 15 through December 7, with changes taking effect January 1, 2027.

Sometimes the existing plan remains the best option. Other times, a change can result in meaningful savings.

Either way, the goal is simple: Make an informed decision rather than automatically renewing coverage that may no longer be the best fit.

Retirement Planning Is About More Than Investments

Healthcare costs are an important part of your overall retirement income strategy.

And just as your investments, taxes, and retirement income deserve periodic attention, so does your Medicare coverage.

The goal isn't simply to find the cheapest plan. It's to make sure you're getting the coverage you need without unnecessarily spending more than you should.

Sometimes, one of the simplest ways to improve your retirement plan is to revisit a decision you've already made.

Is Your Retirement Portfolio Taking More Risk Than You Realize?

Most investors understand that diversification is important. That's why they own multiple mutual funds, ETFs, and investment accounts. But here's a question worth considering: Are you truly diversified, or do you simply own a lot of investments? There's a significant difference. The Hidden Risk

The Retirement Finish Line Is a Myth

For decades, retirement is often treated like a finish line. Work hard. Save. Invest. Build the 401(k). Pay down debt. Reach a certain age or account balance. Then retire. But retirement isn't the finish line. In many ways, it's where an entirely different financial challenge

The “Widow Tax”: A Retirement Tax Problem Couples Often Miss

Most couples plan for retirement together. They think about Social Security, investment income, required minimum distributions, healthcare costs and how much they can comfortably spend. But there’s another scenario that deserves attention: What happens financially when one spouse dies? One often-overlooked consequence is sometimes referred to as the

Who’s Coordinating Your Retirement Plan?

Most successful people don’t have a shortage of financial professionals. They may have a financial advisor managing investments, a CPA preparing taxes, an attorney handling estate documents, and perhaps an insurance or Medicare specialist. On the surface, that can feel like everything is covered. But there is an important