Your Year-End Medicare and Wellness Checklist

The Holidays are here – and that means it’s time to take care of some important things regarding your insurance planning and healthcare benefits.

Some of them have strict year-end deadlines. Others you have until April 15th to get them done. But in nearly all cases, the sooner you get them accomplished, the better.

Here are seven of the top items that should be on your year-end to-do list.  

1. Use Your Preventive Care Benefits.

• Annual Wellness Visit. Schedule your free Medicare Annual Wellness Visit if you haven’t yet. This visit helps with preventive care planning and identifying any health concerns early on.
• Screenings and Vaccinations. Take advantage of Medicare-covered screenings for things like mammograms, colon cancer screenings, and vaccinations (e.g., flu shot, pneumonia, shingles).
  
  Learn more: Medicare Preventive Services: The Importance of Preventive Care

2. Time Your Prescription Refills to Save on Medications 

• Refill Chronic Medications: If you take daily medications, make sure to refill them before the new plan year. If you’re close to reaching the Medicare Part D “donut hole,” or if you’ve already reached your Part D deductible refilling now may reduce costs before deductibles reset.
  
  Note: Starting in 2025, the donut hole goes away, and the maximum out-of-pocket cost for Part D plans falls from $8,000 to $2,000. 

If you expect to spend at least that much on prescription drugs this year or next year, it might make sense to wait until 2025 before filling expensive prescriptions. 

• Medication Reviews: Schedule a Medicare-covered Medication Therapy Management (MTM) session if you’re on multiple prescriptions. A pharmacist can help you optimize your medications and avoid unnecessary costs.

Learn more: Prescription Drug Costs Have Gotten Insane – Here’s How to Protect Yourself

3. Complete Any Major Medical Procedures

• Plan Surgeries or Treatments: If you’ve already met your Medicare Part A or Part B deductible, schedule non-urgent surgeries or treatments before the end of the year to avoid higher out-of-pocket costs in the new year.
• Diagnostic Testing: Get any necessary diagnostic tests (e.g., MRIs, X-rays, lab work) now if your deductible has been met. This can reduce costs for you if these tests are performed after you’ve hit your annual out-of-pocket maximum.

 4. Maximize Dental, Vision, and Hearing Care

• Use Dental Coverage: If you have standalone dental insurance or a Medicare Advantage plan that covers dental, schedule any needed cleanings, fillings, or major work before the year ends.
• Vision Care: Medicare doesn’t cover routine vision care, but if your Medicare Advantage plan includes vision coverage, book an eye exam or update your glasses before benefits expire.
• Hearing Exams and Aids: Many Medicare Advantage plans cover hearing exams and hearing aids. Make sure to schedule these before the end of the plan year if you need them.

5. Plan for long-term care 

While Medicare doesn’t cover long-term custodial care, now is a good time to assess your future long-term care needs and consider purchasing a long-term care insurance policy if needed.

Learn More: Paying for Skilled Nursing Care on Medicare

6.Finish Treatment Programs

If you’ve been prescribed physical therapy, occupational therapy, chemotherapy, or any kind of rehabilitation program, aim to complete it before the end of the year if your deductible has already been met, or you think you might meet your deductible for the year.

7. Take your required minimum distributions

If you’re age 73 or older, you may need to take required minimum distributions from your 401(k), 403(b), IRA, or other qualified retirement account. If you turned 73 in 2024, you must take your first RMD the year you turn 73, or April 1st of the following year if you delay.

After that, you must take an RMD by December 31 each year.You need to do so by the end of the year to avoid a severe tax penalty, so don’t overlook this. If you’re not sure, check with your tax advisor. 

Taking these steps will help you maximize your healthcare benefits, minimize your costs, and start the new year without unnecessary medical expenses.

Any questions? Your Personal Benefits Manager is there to help!

Thank you very much for being a customer, and have a blessed Christmas or Hanukkah or holiday season, and a very happy and healthy New Year!

Here’s to your health and wealth,

Wiley P. Long, III
President – MediGap Advisors

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