How to Compare Medicare Part D Plans
According to a recent study, 80% of all Medicare patients are not on the most beneficial Part D Medicare plan, and only three out of every five Medicare patients take the time to review their plans annually. If you are one of those people who is not fully up to speed with your Medicare Part D Plan, and want more info, now is the time to begin looking into comparing your options.
Every year from October 15th to December 7tth, there is an annual Open Enrollment period, in which people can switch out of current Medicare plans into new ones- including Part D Prescription Drug Plans.
One major reason it is important to compare Medicare plans annually is the constantly changing formularies. Medicare plans update their formularies, drug costs and reimbursements every two weeks. Usually these changes are unnoticeable and subtle, but over a full year, small changes in pricing or coverage could cause immense differences in costs for a patient.
Certain people are eligible to change plans outside of Open Enrollment Period.
Who else can switch outside of Open Enrollment?
- Move to a new service area or within the same service area, but are not provided more plan options at their new address
- Move back to the US after residing outside of the country
- Just moved in, out or currently reside in a skilled nursing or long-term care facility
- Were recently released from jail
- Are no longer enrolled in Medicaid
- Lose coverage from their employer or union
- Are enrolled in a PACE plan
- Are enrolled in a plan which Medicare has officially sanctioned
- Qualify for extra help
- Are enrolled in SPAP
- Is interested in enrolling in a SNP
- Is currently in an SNP and no longer has the special needs condition
If you meet one of the above criteria, and would like to change your Medicare Part D Plan before Open Enrollment Period begins, call the Medicare gurus at PlanMedicare to discuss your options: 516-900-7877.
And if you would like to compare your plan prior to Open Enrollment Period so you can make a move as soon as it begins, give us a call and we can help you out: 516-900-7877.