Time to Review Your Medicare Prescription Coverage!
Betty Chaffee/ October 19, 2023/ Health insurance, Medicare, Medication Management, prescription drug costs/ 0 comments
It’s the annual open enrollment season for Medicare once again! Open enrollment started October 15th and runs through December 7th. This is a perfect opportunity to think carefully about whether your prescription coverage still meets your needs.
I’ll go out on a limb here and say that searching for the best insurance policy (whether it’s home, auto, health, or prescriptions) probably isn’t your favorite pastime. I’ll confess it’s not mine. But if you found yourself perplexed about your prescription costs this year, you might want to do it anyway. Did you have deductibles you weren’t prepared for? A new medication with a crazy-high copay? Maybe you reached the “donut hole” (coverage gap) unexpectedly. Or had one of your meds changed to a higher tier. All of these are good reasons to take another look at available prescription plans to see if there’s one with a better fit.
Just to clarify, I’m talking about Medicare Part D prescription (PDP) plans only. If you have Medicare coverage through an Advantage Plan, you may or may not have separate PDP coverage. If you have prescription coverage through retirement benefits, it may not be a PDP plan, either. But if you have standard PDP coverage, you’re in the open enrollment period now.
Some basic information
If you’re new to Medicare, or to Prescription Drug coverage, you may want to learn more about how PDP plans work. What is a formulary? A tier? Then there's the deductible, coverage gap (donut hole), and catastrophic coverage. Check out the embedded links to learn more.
Checking out other plans
(Screen shots below may be clearer using your Zoom function.)
The easiest way for you to look at other PDP plans is to sign into your Medicare.gov account. When you use your own account, the information you enter will be saved. If you don’t have time to finish your research, you can log out and it’ll all still be there when you come back. Registering for an account is easy, and gives you access to many online features of Medicare. I highly recommend it!
Once signed in, you’ll be able to see your current coverage including your PDP plan. From there, simply click on the “Find Health and Drug Plans” button.