Let’s talk about Medicare Part D from the folks at American Benefit Services: Just like your health insurance, it’s important to review your Part D or Prescription Drug Plan every year to ensure you have the best coverage for your needs. This helps you stay informed  and save money. 

The best time to review your Part D coverage is during the Annual Enrollment Period (AEP),  which runs from October 15th to December 7th. During this period, you can make necessary  changes, such as switching to a different Part D plan that better suits your needs, enrolling in a  new plan if you didn’t enroll in Part D when you first became eligible, or dropping your Part D  coverage if your needs have changed. However, dropping coverage should be done cautiously to  avoid penalties and possible gaps in coverage. 

It’s important to know that Medicare imposes penalties for not having creditable prescription  drug coverage. If you go without a Part D plan or other creditable coverage for more than 63  consecutive days, you may face a late enrollment penalty. You’ll want to carefully consider your  options when enrolling for the first time or before deciding to drop your Part D plan. 

Change is the biggest reason to review your plan whether it’s changes in your healthcare needs or  changes in the Part D plan itself, such as the list of covered drugs (also known as the formulary).  You don’t want to suddenly find yourself without access to important medications when you  need them. 

If you’ve experienced any changes in your health over the past year that required a change to  your current medications or you’ve been prescribed new medications, your current plan may not  adequately cover those prescriptions. It’s possible they will be covered at a much higher cost, or  unfortunately, not covered at all. Any of these changes will impact your overall drug costs.  Another important factor to review is the network of pharmacies included in your plan. Changes  in the pharmacy network can impact where you can fill your prescriptions and how much you  pay. 

As mentioned in our previous blog post, A Guide for Prescription Drug Cost Savings, finding  areas in your plan where you can save money is a huge benefit. By comparing your current plan  to others each year, you can often find a plan with better coverage at a lower cost, or switch to a  plan with a lower monthly premium. You may also find a plan with lower copayments,  coinsurance, and deductibles, which can reduce your overall drug costs. Some plans even help  you avoid coverage gaps, which can save you from paying high out-of-pocket costs. 

American Benefit Services Conclusion:

A year is a long time, and many changes can take place. Your health is important, and  prescription coverage is a big part of that. Be sure to review your plan and stay informed of any  changes that could impact your medications or cause gaps in coverage that would be costly. This  simple step is a great way to stay proactive and make informed decisions to protect your health  and financial well being! Contact Us