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.
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