If you are younger than 65, you probably wonder what all the fuss is about as you’re bombarded with television ads for Medicare Advantage and prescription drug plans this time of year. If you’re over 65 you already know the Medicare open enrollment season begins October 15th and runs through December 7th.
Each year, insurance companies can make changes to Medicare plans that can affect out-of-pocket costs for monthly premiums, deductibles and drug costs, and alter the makeup of healthcare providers or pharmacy networks. Changes in your health or prescriptions can mean your current Medicare or drug plan is no longer the best choice. Doing nothing can be a costly mistake.
During Medicare open enrollment, you can move from original a la carte Medicare, which usually involves buying a separate Medicare Part D prescription drug plan and supplemental Medigap policy, to an all-inclusive Medicare Advantage plan.
In addition, you can switch from one Medicare Advantage plan to another or choose a different prescription drug plan.
Competition will be particularly heated during this fall’s open enrollment season as a result of upcoming changes in prescription drug plan costs for 2019 and the ability of Medicare Advantage plans to offer some new benefits, such as adult day care, home support and caregiver support services.
Decisions about prescription drug plans for 2019 can have an enormous impact on your lifestyle and budget.
A new analysis by The Senior Citizens League of the most frequently prescribed brand name drugs found there could be more than a $1,000 price difference among Medicare D prescription drug plans for the very same drug.
It’s hard to imagine there could be that much difference. I encourage you to make a thorough review this year. If you’re not sure where to get help give us a call and we’ll connect you with someone that can help.
I encourage you; DON’T put this off until November. At that point Thanksgiving we’ll be just ahead, and you may get caught up with the holidays and forget to complete your research.
