The Medicare Annual Enrollment Period (AEP), October 15 through December 7, is an important opportunity for beneficiaries to review their health and prescription drug coverage for the coming year. Changes made during AEP generally take effect January 1.

Even those happy with their current plan should complete an annual review. Medicare Advantage and Part D plans can change each year, including premiums, copays, prescription costs, provider networks and additional benefits. Personal health care needs may change as well.

During AEP, beneficiaries may enroll in or switch Medicare Advantage plans, return to Original Medicare or change a standalone Part D prescription drug plan.

Before making a decision, review current doctors, specialists, hospitals and medications. It is also important to consider more than the monthly premium. Copays, maximum out-of-pocket costs, prescription coverage and frequently used health care services can significantly affect annual expenses.

A Medicare review is also an opportunity to identify potential gaps that Medicare may not cover, particularly when planning for future care needs.

Local Medicare and retirement adviser Holly Baker provides Medicare cost and coverage reviews to help beneficiaries understand their options.

Baker also offers home health care and short-term care plans that may provide affordable alternatives to traditional long-term care insurance.