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Drug Plans

Part D Drug Plans

If you only review one aspect of your Medicare coverage every year, I believe it should be your Part D prescription drug coverage. If you don’t, you could be taking on risk without knowing it, and there are several ways things could be detrimental:

1. A drug you need has gone up in price, or it’s been dropped from your plan.
Many times people just have to have one particular drug. This could be due to negative symptoms with similar drugs. But when the drug manufacturer raises the price of your drug, insurance companies can react differently to these changes. Some insurers might decide to raise the price or move it to a higher tier. Or a company might decide to drop the drug you need from their formulary and replace it with a similar drug that they can get at a lower negotiated rate.

You could have found out if your current drug had been dropped, or raised to a higher tier by reading the Annual Notice of Change (ANOC) every insurance company is required to send out, if you had read it front to back. If you missed reading the ANOC, the first time you find out that things have changed could be on your first visit to the pharmacy next year.

2. Your premium is going up.
Sometimes insurance companies decide to mix things up with their Part D plans. They could add or drop plans, or maybe just get rid of your current plan altogether. When this happens you will again get a notice from the company, make sure to read these notices, because the plan they moved you to could be the most expensive plan they now have, or might be the one plan that doesn’t have that drug you need.

3. The risk of missing a good deal.
The third reason it is important to review Part D plans regularly is because sometimes companies decide to cut the rate on a drug to a really great rate, and you have to take this medication. Should you switch plans if you know you can save that money? Maybe, but you at least need to know about these decreases so you can make an informed decision.

For all these reasons, if there is one part of you Medicare coverage that you should review every year, it is your Part D prescription drug coverage.

Get the help you need with your Part D prescription drug plan today by calling Jim at (714) 418-4040 or click here to schedule a consultation online.


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