Key Takeaways
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Reviewing your prescription list during the Annual Enrollment Period helps you confirm that your medications will remain covered for the upcoming year and ensures that you understand any changes that may affect your coverage.
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Taking a detailed and organized approach to your medication review can help you avoid unexpected costs and make confident decisions about your Medicare options.
Understanding The Importance Of Your Prescription Review
The Annual Enrollment Period runs from October 15 to December 7 each year, giving you several weeks to review, compare, and choose your Medicare coverage for the following year. As you look at your options for 2026 coverage, your prescription list plays a major role in determining whether you should stay with your current plan or consider making a change.
Your prescription medications can change throughout the year, and Medicare plans may update their formularies, tiers, or cost-sharing structures. A thorough review of your medication needs helps you understand how your current plan supports those needs and whether any changes for the next year may affect your costs or coverage.
Why Should You Review Your Prescription List Early?
Starting your review early in the Annual Enrollment Period gives you time to understand plan updates and take appropriate action. Plans release their Annual Notice of Change before AEP begins, giving you a heads-up about any adjustments that may impact you.
Reviewing early also helps you identify:
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Medications that may move to higher pricing tiers.
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Drugs that may no longer be included on a plan’s formulary.
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Adjustments to deductibles, copayments, or coinsurance.
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Any new requirements such as step therapy or prior authorization.
By reviewing in advance, you can make well-timed decisions rather than rushing during the final days of AEP.
What Should You Include In Your Medication List?
A complete and accurate medication list helps you compare your coverage options with confidence. As you prepare, include the following details:
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The name of each medication you take.
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Whether you take it as a brand-name or generic drug.
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Dosage strength.
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Frequency of use.
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Quantity needed each month.
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Any special forms such as extended-release or liquid versions.
You should also note medications prescribed by different healthcare providers to make sure you do not miss anything important when comparing coverage.
How Do You Confirm Whether Your Medications Will Be Covered Next Year?
Understanding how your medications fit into each plan’s formulary is essential. During AEP, plan updates take effect for the upcoming year’s coverage starting on January 1. To confirm that your prescriptions remain covered, you can:
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Review your plan’s updated formulary document for 2026.
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Look for any new restrictions such as prior authorization.
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Check whether your medications are moving to a different cost tier.
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Identify which pharmacies are preferred or standard for the plan.
Most Medicare plans categorize medications into different tiers, which may include generic drugs, preferred brands, non-preferred brands, and specialty medications. Each tier typically has different cost-sharing requirements, so knowing where each of your medications is placed can help you estimate your yearly spending.
How Can You Estimate Your Medication Costs For 2026?
Although you cannot predict exact out-of-pocket costs for the entire year, you can create a general estimate by reviewing the structure of your current or potential new plan. Focus on the following cost factors:
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Deductible: Some plans require you to pay the full cost of your medications until you meet the deductible.
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Copayments and Coinsurance: These vary by medication tier and pharmacy type.
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Coverage Phase Changes: Medicare Part D includes different coverage phases, and understanding how these phases work helps you anticipate when costs may rise or fall throughout the year.
Your estimate does not need to be perfect. The goal is to understand how your medication needs fit within the plan’s cost framework so that you can avoid unwelcome surprises.
What Should You Look For When Comparing Plans During AEP?
As you compare plans side by side, pay attention to features that directly affect your prescription list. Key areas include:
1. Formulary Updates
Are your medications listed, and if so, what tier are they in for 2026?
2. Pharmacy Network Options
Does the plan include your preferred local or mail-order pharmacy? Preferred pharmacies may offer lower costs.
3. Coverage Rules
Check for prior authorization, quantity limits, and step therapy requirements, as these may affect how easily you can obtain your medications.
4. Annual Costs
Review deductibles, copayments, and coinsurance. Look at costs for both the medications you take regularly and those you may need occasionally.
5. Coverage For Future Needs
Think ahead. Your medication needs may change in 2026, so plans with broad formularies and flexible pharmacy networks may be more supportive.
How Can You Organize Your Information Effectively?
A simple organizational system helps you manage your review with less stress. Consider creating a chart or table where you compare:
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Medication name
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Tier level across plans
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Monthly estimates
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Any coverage restrictions
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Pharmacy availability
Keeping your notes in one place makes it easier to refer back to them if you decide to consult with a licensed agent listed on this website.
Why Should You Recheck Your List Before Finalizing Your AEP Choice?
Before you submit your final enrollment decision, take a moment to recheck your medication list. Comparing it again to the plan’s details ensures that nothing has changed since you last reviewed the information.
This last review step helps you confirm that:
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All medications are included.
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Costs align with your expectations.
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There are no unexpected coverage limits.
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You feel confident about your choice for 2026.
Rechecking helps you avoid last-minute issues and gives you reassurance that you made a well-informed decision.
Final Thoughts As You Prepare For AEP Deadlines
Your prescription list is one of the most important tools you have during the Annual Enrollment Period. By reviewing it carefully, comparing your options, and understanding how each plan supports your medication needs, you can make informed choices that align with your health and budget.
As the December 7 deadline approaches, take time to revisit your list, double-check plan documents, and confirm that your medications will be covered as you expect. If you want help reviewing your options, reach out to any of the licensed agents listed on this website for guidance tailored to your situation.
