Making Changes to Medicare Part D Coverage

Medicare open enrollment is October 15 through December 7.  During this time, Medicare beneficiaries can make changes to their Medicare Part D coverage. Reviewing one’s options can ensure optimal coverage of prescription medications.

The key factors to review during open enrollment are:

  • Premiums – Some Medicare Part D plans will see a substantial increase in monthly premiums, while a few may actually decline in cost.
  • Medication coverage – Plans can alter which drugs are covered each year. In addition, some plans require prior authorization before covering certain drugs.
  • Co-payments and coinsurance – In 2015, all Medicare Part D plans will use tiered cost-sharing, in which the copay for a drug depends on the drug’s classification in the tiered system.
  • Preferred pharmacies – Most plans offer lower co-payments at in-network pharmacies.
  • Deductible – Some plans will be lowering their deductibles in 2015. It is important to compare the lower deductible to the higher premium that such plans often carry.

 

Learn more about our services by visiting www.littmankrooks.com.


Was this article of interest to you? If so, please LIKE our Facebook Page by clicking here.

Tags: , , ,