Compare Part D Plans
It is that time of the year - time to compare Part D plans. It is the Annual Election Period next week and this is the time of the year which you can compare and switch Part D plans. You do not have to compare or switch plans, but it is highly recommended since these plans will change each year.
What is the Annual Election Period?
This is a time which you can enroll, disenroll or change your Medicare Advantage Plan or Prescription Drug Plan. This time frame also gets commonly called the Open Enrollment Period. It is highly recommended to start your comparison on October 15th when it begins, waiting until December can put you at a risk of getting enrolled prior to the December 7th cut off date.
Do Part D Plans change each year?
Yes, Part D plans change every year that is why it is so important to compare your options. An example that comes to mind is a company that had a great plan three years ago. The premiums where less than $20 per month and there was no deductible. Needless to say that plan did not stick around more than 1 year without doubling its premium and beginning to cover less drugs.
Compare Part D plans annually to make sure that your plan covers your prescriptions, has an affordable premium and to know that your pharmacy accepts that insurance company's plan.
Compare Part D Plans
How do I compare Part D plans? That is a great question and the easy answer is to say go to medicare.gov and compare the plans. However, that is not an easy task for most people. Usually you will want to make sure you have a senior market advisor to help inform you of the different "gotchas" to the plan. An example of these could be step therapy, prior authorization, and quantity limits.
The company may cover your prescription but only cover it one per day when you need to take 2 per day. This means that you will have to pay out of pocket for the remaining costs. An annual review can help make sure you have a plan that suits your needs.
Call 1-877-759-5760 for help with your insurance needs.
Medicare Insurance Finders helping you with your 2014 Medicare Supplement insurance needs.