Most Medicare beneficiaries do not switch plans during Medicare’s AEP. An analysis by KFF found that over the course of a decade, the percentage of beneficiaries who switched to a different Part D plan ranged from 10% to 13% per year. And for Medicare Advantage beneficiaries it was even lower, ranging from 6% to 11%.
More troubling is the fact that seven out of ten beneficiaries didn’t even compare their coverage options during a recent open enrollment period. It may well be that the plan you already have will continue to be the best option for the coming year. But there’s no way to know that without actively comparing the available alternatives, and the majority of Medicare beneficiaries aren’t doing that.