When was the last time you passed up an opportunity to save money on appliances or groceries? If you’re anything like me, you’re always shopping around for the best deals and looking for ways to save. When it comes to your Medicare coverage, you should be doing the same.
Open enrollment for Medicare begins on October 15th. One of the things you can do during Open Enrollment is choose your Medicare Part D Prescription Drug Plan. Between October 15 and December 7 you’ll be able to update, change, or switch your Part D plan to make sure it best fits your medical needs. Each year your health plan can affect the costs associated with your treatments, so it’s critical to take the time to review your benefits.
To help make the process easier, I’ve listed out a few things you should consider during this year’s open enrollment.
- Preferred Pharmacies: Is your pharmacy still listed as preferred in your Part D plan? If not, your costs could increase.
- Medications: If you’ve been prescribed new medications, check that they are covered. Part D plans also change their formulary lists each year, so you should check your existing prescriptions as well.
- Co-payments and Co-insurance: These amounts vary, so take time to comparison shop between plans and make an informed decision based on the medications you need.
Medicare also has resources available to help – be sure to check out the Medicare Plan Finder. Write down a list of the medicines you’re taking and log-on to find plans that work for you.
Open Enrollment is a great opportunity to review your plan, update it if necessary and save money each year. Take advantage of the chance to save your money and improve your health!
For more information visit Medicare’s website, make an appointment at your local SHIP office, or visit your local Area Agency on Aging. You can also call Medicare all day, any day (except federal holidays) at 1-800-633-4227.