The Annual Enrollment Period (AEP)—from October 15 to December 7—is your once-a-year chance to review and change your Medicare prescription drug coverage. If you don’t take the time to check your plan now, you might be in for a surprise come January 1.

Costs, coverage, and formularies change every year. Even if you're happy with your current plan, reviewing it can help you avoid higher prices or coverage gaps in 2026.

Here’s how to do a smart, simple review of your Part D or Medicare Advantage plan with drug coverage—before time runs out.

1. Make a List of Your Current Medications

Start with the basics. Write down:

  • Each prescription drug you take
  • The dosage
  • How often you take it

You’ll need this information when comparing plans—especially to check if your medications are still covered and what tier they fall into.

2. Check Your Plan’s Formulary for 2026

Your formulary is the list of prescription drugs your plan covers—and how much you’ll pay for each one. While every plan must cover the most commonly used types of medications, they don’t have to cover every brand.

Drugs are placed into tiers, usually from Tier 1 (lowest cost) to Tier 5 or 6 (highest cost). If your medication moves to a higher tier in 2026, your out-of-pocket cost may increase.

Some medications may also come with restrictions, such as:

  • Prior authorization: Your doctor needs plan approval before it’s covered
  • Step therapy: You must try a lower-cost drug before moving to a higher-cost one
  • Quantity limits: There may be a cap on how much you can fill at one time

Be sure to check if your drugs are still covered—and how—so there are no surprises in January.

3. Compare Costs: It’s Not Just the Premium

Your monthly premium is only part of the cost. Make sure you compare:

  • Deductibles (standard is $615 in 2026)
  • Copays or coinsurance for each drug
  • Maximum out-of-pocket cap ($2,100 in 2026)

A plan with a lower premium may have higher drug costs. Look at the full picture. Learn more about Medicare drug coverage costs (Medicare.gov).

4. Check Pharmacy Networks

Pharmacies are often grouped as:

  • Preferred
  • Standard
  • Out-of-network

Using a preferred pharmacy can mean lower copays. Double-check that your pharmacy is in your plan’s network—and preferred, if possible. Learn more about pharmacies you can use (Medicare.gov).

5. Look Into Mail-Order Savings

Many plans offer discounts if you use their mail-order pharmacy. You can often get a 90-day supply for less than three 30-day fills—and it’s delivered to your home.

6. See If a New Plan Covers Your Drugs Better

Even if your current plan was perfect this year, another plan might offer:

  • Lower costs
  • Better formulary coverage
  • Your preferred pharmacy

Use Medicare.gov/plan-compare to compare side by side.

7. Pay Attention to Star Ratings

Medicare gives each plan a star rating (1 to 5 stars) based on customer service, safety, and performance.

Plans with 4 stars or more are typically more reliable. If your plan has dropped in rating, it might be time to explore other options.

8. Don't Just Pick the Lowest Premium

Low premiums can be tempting—but don’t let them fool you.

Look at:

  • What you’ll pay for each medication
  • The plan’s deductible
  • Pharmacy network restrictions
  • Extra rules like step therapy

It’s all about total cost, not just the monthly bill.

9. Start Early—Don’t Wait Until December

Comparing plans takes time. If you start early, you can:

  • Call Medicare or a SHIP counselor
  • Get advice from a trusted agent
  • Join a GetSetUp Medicare class and learn step-by-step

Waiting until the last week could leave you rushed—or stuck with a plan that doesn’t work for you.

10. Get Help If You Need It

You don’t have to go it alone. Try:

Take Action During AEP—Your Health and Wallet Will Thank You

You wouldn’t go a whole year without checking your car insurance—so why skip your Medicare drug plan? Each year brings changes, and 2026 is no different. Reviewing your coverage now can protect your wallet and ensure you get the medications you need.

Need help? Take a Medicare class on GetSetUp and get step-by-step guidance on choosing the right plan.