If you have a Medicare Supplement plan, you have the opportunity to review and change your Part D prescription drug plan each year.

And you absolutely SHOULD review your Part D coverage each and every year. 

Medicare’s annual Open Enrollment Period runs from October 15 through December 7. If you take no action, you will generally remain enrolled in your existing Part D plan for the following year.

While automatic renewal may seem convenient, it could leave you paying more than necessary or with coverage that no longer fits your needs.

An important note: Part D plans do not apply to folks with a Medicare Advantage Plan; those plans include a prescription drug coverage already. If you have a Medicare Supplement Plan, this blog is for you. 

Does Your Part D Plan Still Work?

There are three primary reasons to review your prescription drug plan every year:

1. Your medications may have changed. 

If you started a new prescription or stopped taking another medication, it is important to review how those changed costs will affect you. 

2. Your plan may have changed.

Even when a plan keeps the same name, its monthly premium, deductible, pharmacy network, drug formulary, or cost-sharing requirements may be different for the coming year. Do NOT assume the same plan means the same coverage each year. 

3. Your plan may leave the market. 

In some cases, a prescription drug plan may no longer be offered in your area.

For all of these reasons, I recommend reviewing your Part D coverage annually rather than simply allowing it to renew.

How to Compare Medicare Part D Plans

You can compare available plans by visiting www.medicare.gov and selecting the option to “Find health & drug plans.” Enter your zip code (or log in) and choose the “Drug plan (Part D)” option. 

After a few questions, the website will ask: “Do you want to use drug costs to help you compare plans?” Select the “yes” choice, and enter the medications you take, including the dosage and frequency. You can also choose your preferred pharmacy. This information allows Medicare.gov to estimate what you may pay under each available plan.

When comparing your options, do not look only at the monthly premium. Pay close attention to the plan’s estimated total yearly cost, which considers both the premium and what you may pay for your particular prescriptions.

The lowest-premium plan is not necessarily the least expensive overall. A plan with a slightly higher premium could cost less during the year if it offers better pricing for your medications or preferred pharmacy.

Before making a decision, you can select a plan’s details to review its premium, deductible, estimated drug costs, pharmacy information, and coverage rules.

Completing Your Enrollment

Once you have selected the plan that best fits your needs, follow the enrollment instructions on Medicare.gov. 

After submitting your application, an enrollment confirmation will appear. Save this document as proof that you enrolled in a different plan. I recommend printing the enrollment or saving the page as a pdf to a folder on your computer. 

Your new coverage will begin January 1. When you receive your new prescription drug card, take it with you the first time you visit the pharmacy in the new year.

You do not have to cancel your previous drug plan separately. Enrolling in the new plan generally ends your old coverage when the new coverage begins.

Of course, you can compare plans without creating a Medicare.gov account. However, creating an account will save your medications and preferred pharmacies, making the process easier in future years. 

My Part D Advice

To make the most of your Medicare Part D coverage, I recommend reviewing your plan every year rather than allowing it to renew automatically.

Each year:

• Review whether your medications have changed.
• Check whether your plan’s premium or prescription costs have changed.
• Review any changes to the formulary or pharmacy network.
• Compare the total yearly cost, not just the monthly premium.
• Save your enrollment confirmation.
• Update your pharmacy with your new plan coverage.

If you would like assistance reviewing your Part D options, give us a call at 954-775-0275.