Medicare drug plans can be a complicated thing, so how should you go about comparing and picking a plan during Open Enrollment? We have the answers for you.
Why bother?
Shopping for the best drug and health plans can save you money and give you better coverage. There are plenty of choices to choose from, and there are new benefits this year from Congressional mandates, such as 50 percent off prescription drugs for those that fall in the “donut hole,” an free yearly “wellness visit,” and no co-pays for select preventive care services.
What should I look for?
Medicare recommends you review the Three C’s: Cost, Coverage, and Convenience.
For cost, look over how much you would have to pay for premiums, deductibles, copays, as well as “catastrophe” coverage, which are all important in deciding which plan is most cost-efficient.
For coverage, make sure that you get a complete list of what drugs each plan covers, as well as any prior authorization procedures that you may have to talk to your doctor with.
For convenience, it is best to find a plan that has pharmacies near you and a service area that includes your geographical area.
How do I start?
You can find everything at the government’s official Medicare site at http://www.medicare.gov which has a Medicare Plan Finder at https://www.medicare.gov/find-a-plan/questions/home.aspx
You don’t feel comfortable using the site, or would like to speak to a Medicare representative, call 1-800-MEDICARE (1-800-633-4227) and say “agent.” You can also contact your State Health Insurance Assistance Program (SHIP) through this number.
For more information, consult your “Medicare & You” handbook, along with your “Annual Notice of Change” letter you should have received in the mail.
Key dates
Medicare’s drug and health plan shopping period, called Open Enrollment, runs until the end of the year to December 31. Your new coverage, should you change your plans, begins January 1.
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