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Here’s why every senior on Medicare should compare their drug plan yearly during Medicare Open Enrollment.
Depending on where you live, you could have just a few Medicare drug plans available. But, most seniors will have between 20 and 30 different Medicare Part D plans to choose from.
Part D plans change each year on January 1st. That is why it is important to compare every year. Medicare allows you to change plan coverage for the coming year.
Finding your best coverage can be simple. The first step is gathering the names and dosages of the different drugs you take. Write them down or have the different jars nearby.
If you work with a local Medicare insurance agent, definitely ask if they are able to run a drug plan comparison for you. Some will. Others may just be too busy during Medicare Open Enrollment.
DO IT YOURSELF MEDICARE DRUG PLAN COMPARISON MADE EASY! The Association makes available an online drug comparison tool. It’s free to use. Best of all (we think) is the fact that NO PERSONAL INFORMATION is required to use the tool.
Simply enter your Zip Code to start.
The system will show you plans available in your Zip Code.
TO FIND YOUR BEST PLAN OPTION look for the link that allows you to Add Your Rx Drugs.
It’s on the left near the top of the page.
Here’s where you’ll enter the drugs you take. The name and the dosage (example 10 mg once a day).
Using this information, you can see exactly what you should expect to pay in 2023.
IF YOU WANT YOU CAN APPLY for the plan online. But, you do NOT have to.
Switching During Medicare Open Enrollment – You can switch from your current plan during Open Enrollment. December 7th is the FINAL day to make a change.
Your New Plan Coverage Will Begin January 1, 2023.
What If You Change Your Mind? You can change plans as many times as you need during Medicare’s Fall Open Enrollment. It is your last choice takes effect January 1. That said, it is usually a good idea to make as few changes as possible.
You Don’t Need To Disenroll From Your Current Plan. Enrolling in a new drug plan during the Medicare Open Enrollment period will disenroll you from your previous plan. You do not need to contact the previous plan to drop that coverage. You should notify the pharmacy where you fill your prescriptions so they can update their records with your new plan information.
You May Be Eligible For Help To Pay for your Medicare Part D prescription drug costs based on your income and resources. This is known as the federal Extra Help program or the Low-Income Subsidy (LIS). Information is available by contacting the Social Security Administration at 1-800-772-1213.
Find local Medicare insurance agents near me.
Medicare insurance statistics.
Medigap Plan G Price Index – lowest and highest premiums for major U.S. markets.