Member Sign In

My parents have been telling me for years that I should start an investing newsletter called Now, Don't Touch It.

That's it. That's the whole investing philosophy. You find something good, you put your money into it, and then (this is the really important part) you leave it alone.

It's a running joke in my family, mostly because I've spent years surrounded by friends and colleagues who love to tinker with their investments. They're constantly buying something, selling something, adjusting something, or chasing the next big opportunity.

When it comes to building wealth, constantly messing with a perfectly good plan can do more harm than good. I'd rather make a good decision once and let it do its thing.

But there's a catch. As much as I believe in the financial wisdom of Now, Don't Touch It, there are a few situations where that philosophy can cost you a whole lot of money. One of them starts today.

October 15 marks the beginning of Medicare's annual open enrollment period. Between now and December 7, Medicare beneficiaries can review their coverage and make changes for 2027.

If your immediate reaction is, Well, I like my plan, so why bother?, I have some news you might not like: Your Medicare plan doesn't have to disappear to become a bad deal.

The Problem With Being Perfectly Happy

A new University of Michigan National Poll on Healthy Aging, released today, caught my attention. Among adults 65 and older enrolled in Medicare, 27% said they didn't take any time at all to review their options during the last open enrollment period. Another 33% spent less than an hour. And 80% simply stuck with the coverage they already had.

When researchers asked why, the most common explanation was simple: They were happy with the coverage they already had.

I understand that completely. Health insurance isn't exactly a hobby. Nobody wakes up on a beautiful Saturday morning thinking, You know what would make today perfect? Comparing prescription drug formularies. If your doctors are covered, your medications are affordable, and you haven't had any major problems, why would you spend your afternoon digging through insurance paperwork?

Because the plan you signed up for last year isn't necessarily the plan you're getting next year. Even if your coverage stays largely the same, your needs might not. Maybe you've started a new medication. Maybe your doctor has left the network. Maybe a procedure you've been putting off is finally on the calendar. Or maybe another plan has quietly become a better deal.

You can be completely satisfied with your current coverage and still be paying more than you need to. Those two things aren't mutually exclusive.

This Year, the Stakes Are Even Higher

Medicare plans change every year, but the landscape for 2027 is shifting in some particularly noticeable ways. Several major insurers are pulling back from parts of the Medicare Advantage market, eliminating plans or shrinking their offerings. According to KFF, the average Medicare beneficiary will be able to choose from 28 Medicare Advantage plans with prescription drug coverage in 2027, down from 32 in 2026. And CNN reports that nearly 3.2 million Medicare Advantage enrollees will need to find new coverage for 2027 because their insurers are no longer offering their plans.

Twenty-eight choices still sounds like a lot, and in many places it is. But the number that matters isn't how many plans exist somewhere in America. It's whether the plan you're counting on will still be available where you live, and whether its benefits and costs will still work for you.

Even a plan that survives another year can change its premiums, deductibles, copays, drug coverage, provider network, or rules for getting certain services approved.

Consider a hypothetical retiree who pays $45 a month for a prescription under her current drug coverage. That's $540 a year: not nothing, but manageable. Now imagine her plan changes how it covers that medication, and she pays $125 a month next year instead. That's $1,500 a year, or an extra $960 for the exact same medication.

She hasn't changed doctors. She hasn't developed a new condition. She hasn't done anything differently. But a plan change has quietly opened a nearly $1,000 hole in her retirement budget.

Actual costs will depend on the plan and the medication. Medicare also caps annual out-of-pocket spending on covered Part D drugs, at $2,400 in 2027, which limits how bad things can get for people with very expensive prescriptions. But as this example shows, you can stay well under that cap and still pay hundreds of dollars more than you need to.

When we talk about protecting retirement savings, we spend a lot of time on investments, inflation, and withdrawal rates. We should probably spend more time on the health insurance decisions that can eat into those savings, too.

The 5 Things I'd Check Before December 7

I'm not suggesting you switch Medicare plans every year. Quite the opposite. Sometimes, after comparing your options, you'll find your existing coverage is still a terrific fit. Wonderful! Don't touch it.

Just make that an informed decision rather than a default. There's a difference between leaving a good thing alone and assuming something is still good because you haven't looked at it lately. Here's where I'd start.

1. Find the letter you probably wanted to throw away.

If you're enrolled in a Medicare Advantage or Part D drug plan, your insurer should have sent you an Annual Notice of Change by the end of September. It explains what's changing for next year, including coverage and costs. This is not the piece of mail to set aside for later. Pay particular attention to premiums, deductibles, copays, covered medications, and changes to benefits.

2. Make sure your doctors are still in the picture.

If you have a Medicare Advantage plan, check whether your preferred doctors, specialists, and hospitals will be in-network in 2027. Don't rely only on the insurer's directory; confirm the relationships that matter most directly with your providers. A plan with a terrific premium isn't much of a bargain if it makes it harder or more expensive to see the doctors you trust.

3. Run your prescriptions through the numbers.

This is one of the easiest places to miss a potentially expensive change. Check that your medications are still covered, what they'll cost, and whether your preferred pharmacy is still a good option. Even if your prescriptions haven't changed, the financial details of your coverage might have.

4. Compare the whole cost, not just the premium.

A $0-premium Medicare Advantage plan sounds wonderful, but that doesn't mean your health care costs will be zero. You generally still pay your Medicare Part B premium, and you may face deductibles, copays, and coinsurance. Look at the total picture: premiums, expected out-of-pocket expenses, the plan's out-of-pocket maximum, prescription costs, and the care you're likely to need. A lower monthly premium doesn't automatically mean a cheaper year.

5. See what else is available before you decide to stay put.

You don't have to call a dozen insurance companies or spend days building spreadsheets. Start with the official Medicare Plan Finder at Medicare.gov, which lets you compare the health and drug plans available where you live. If the process gets overwhelming, you can get free, unbiased help from your State Health Insurance Assistance Program (SHIP).

One important caution: Switching from Medicare Advantage back to Original Medicare isn't always as simple as it looks if you also want a Medicare Supplement (Medigap) policy. Depending on your circumstances and your state, you may not qualify for guaranteed acceptance, and insurers could review your health history before agreeing to cover you, or charge you more. Check those rules before you make a change.

Doing Nothing Is Still a Decision

Here's what I really want you to take away from all of this. You don't have to be unhappy with your Medicare plan to justify reviewing it. You don't need to have had a coverage problem, received a shocking medical bill, or learned that your insurer is pulling out of your area. You just need to recognize that the plan you chose for 2026 is being asked to do a different job in 2027.

Medicare open enrollment runs from October 15 through December 7, and changes generally take effect January 1. That's your window to make sure the coverage you're carrying into the new year still makes sense.

My parents might have been onto something with that Now, Don't Touch It newsletter. I still think it's great advice for most long-term investing decisions: Find a strategy that works, stick with it, and resist the urge to change things just because you can.

But Medicare deserves a slightly different rule: Now, Check It. Then, Maybe Don't Touch It.

Sometimes the smartest financial move you can make is simply confirming that yesterday's smart decision is still a smart decision today.