Changing Your Medicare Part D Plan

Drug costs can be through the roof if they aren’t covered by a good health plan.

Fortunately, Part D of Medicare covers prescription drugs, and anyone enrolled in Medicare Part A or Medicare Part B is eligible for this coverage, regardless of income and resources, health status, or current prescription drug expenses.

Participation in Part D is voluntary and can be especially helpful for people who have high prescription drug costs and no current prescription drug coverage. Medicare prescription drug plans pay for generic and brand name prescription drugs. As with Medicare Part B, there are monthly premiums, deductibles, and copayments. To receive Part D benefits, you must pick a plan offered by a Medicare-approved private insurance company. Availability of Part D plans varies from area to area.

The Annual Election (or Open Enrollment) Period for Medicare Part D is from October 15 until December 7. During this period, anyone enrolled in Medicare Part A or Part B can join a prescription drug plan or change from one drug plan to another.

An annual evaluation of your prescription drug plan is always recommended because the Medicare Part D prescription drug plan that was right for you a year ago may not be right for you going into a new year. Your premiums may go up from year to year. Your needs can change. Perhaps your medical situation has changed and you’re using many new drugs. Have you spent much of the past year in the donut hole? These considerations and others could reveal that continuing with your current Part D plan for another year may not be in your best interests.

You can change your Medicare Part D prescription drug plan without penalty during the Annual Election Period from October 15 until December 7. If you do, your new plan will take effect on January 1 of the new calendar year.

At MedicareMall we take every client’s unique situation into account in order to determine the best Medicare prescription drug coverage for everyone. If you’d like to know more about your Medicare prescription drug plan options, contact MedicareMall now and one of our licensed, bonded representatives will be happy to answer any questions and help you find the prescription drug plan that‘s best for you and your wallet.

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