Don’t be surprised if drug coverage changes

    All Medicare Part D companies reserve the right to change the drugs they cover as well as the cost of those drugs at the end of each year. What this means is that even if you are currently pleased with your Part D coverage, there is no promise your plan will be the same in the new year. In order to ensure you have the best drug plan to save you the most money and keep your drugs on your plan's formulary, you are encouraged to compare drug companies each year during the Annual Election Period: Oct. 15-Dec. 7.
    If you or someone you care about is enrolled in a Medicare Part D plan, it’s important to know about the open enrollment period and why you should do a comparison every year.
    Medicare Part D insurance is the plan that helps pay for prescriptions for people who are eligible for Medicare. The total cost to fill prescriptions consists of any plan deductible, monthly premiums and any co-pays at the pharmacy.
    Even if you are happy with your current plan, you should still do a comparison because the details of each plan can change each year. If you take no action, your current plan will remain in effect.
    Potential yearly changes include:
    —Deductibles: The average deductible in 2017 is $400, but plans are allowed to have a lower deductible or no deductible at all. Your existing Part D plan may have changed their deductible for the upcoming year and might not be as competitive.
    —Copays at the pharmacy: Each Part D plan has a unique relationship with each pharmacy. The relationship between your plan and your favorite pharmacy might have changed. If you want to stay with your pharmacy, there may be a less expensive plan. If you are concerned about costs, switching to a plan that has a preferred pharmacy in your area may also significantly lower your costs.
 

The full article is available in our e-Edition. Click here to subscribe.