It is critically important to review your Medicare Part D drug plan and make needed changes during the Medicare Annual Enrollment Period.
Why review your drug coverage annually? Here are just a few of the reasons why:
- Drug makers could have renegotiated their pricing with various Part D plans, possibly with yours. One or two plans could be offering a lower price on those drugs than the plan you currently use does. If you don’t ask, you could be paying too much.
- Also, your plan provider could have changed the amount of coverage it provides for different drugs.
- You could be taking some drugs that you weren’t last year. Be sure to find out whether you are getting the best deal on them.
- Generic or over-the-counter alternatives might have become available for some of the drugs you are taking.
- Your plan could have made changes that could affect the “donut hole” and other calendar-related factors throughout the year. The result, again, is that you could end up paying more through the year than you would be paying on a different plan.
How Much Can You Save?
Some people can save as much as 200% to 300% after reviewing their drug coverage and changing plans if necessary.
So it really is worth reviewing your plan and its coverage annually – and checking to see how your current plan compares to others you might not know about.
How Can You Review Medicare Plans?
Your first step is to make a list of all the prescription medicines you are currently taking, including those you have added in the past year.
You could then start to call insurance companies that offer competing Part D plans and asking them to tell you about the coverage they offer for those pharmaceuticals.
But there is a better, easier, and more comprehensive way to conduct your review.
Use CoverRight’s Medicare Plan Finder to Compare Drug Coverage
CoverRight’s Medicare Plan Finder is the better way to compare your drug coverage – and you can use it right from your computer.
Simply enter the names of prescription drugs you take and see how each plan covers those medications.
You will see exactly how much each plan listed will pay every month for the drugs you are taking. You will also learn whether generic alternatives are now available that can save you money, and other important information. The information is presented in side-by-side comparisons of the drug coverage provided by different plans in your area. You will also see what the co-pays for your medications will be throughout the year. (Remember, the amount you pay can change through the year.)
So if you want to save a lot of money on the drugs you take, the message is clear.
Review your Part D using CoverRight’s Medicare Plan Finder platform and get ready to save.