When it comes to Medicare, the buildup to October is always full of anticipation. There can be changes you will need to review regardless of what plan you are on. If you don’t devote some time to reviewing your coverage, you may be in for a “January Surprise” with very little recourse.
One important thing to note is that the Part D (prescription drugs) market is unpredictable. Remember, you receive Part D drug coverage through a stand-alone drug plan or inside your Advantage Plan. Information about drug coverage for the upcoming year won’t come out until late September of this year. Many of the plans have cost increases. Here is how those changes might look depending on which plan you have.
Medicare Advantage Plans (Part C): You have from October 15 – December 7th to make changes. Drugs are included in this plan, and the coverage can change from one year to the next. In this plan, there is no monthly premium for prescriptions, but pharmacy costs can vary from one year to the next. Advantage plans are a “bundled product,” so make sure you are comfortable with any upcoming changes. Review the ANOC closely. You may switch to another Advantage Plan, cancel your Advantage Plan, or move to a Medicare Supplement (if you qualify).
Medicare Supplement: These are plans that “supplement” your Original Medicare coverage (Part A and Part B). They have names like, Plan F, Plan G, Plan N, etc. This coverage will not change from one year to the next, but the premium will rise. There is nothing required of you unless you want to lower your premium, which we can help you with. When you have a Medigap plan (aka Medicare Supplement), you typically also need a Part D drug plan. This is the part we need to keep a close eye on. Review your ANOC carefully to see how your Part D plan is changing for the upcoming year. Some of the RX plan prices are rising drastically. I’m hopeful that there will still be low-cost options for folks on low-tier generics. You’ll have Oct 15 – Dec 7th to make changes, and any changes take effect January 1 of the following year.
Try not to rush. Review your coverage early. Ensure the changes are reasonable. Remember, due to inflation, all plan costs are rising, not just your plan.
If we can help, please give us a call at 800-750-2407.
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