Beginning October 1, 2014 Medicare eligible beneficiaries can start “shopping” for new Medicare Advantage and Medicare Part D Prescription Drug Plans (PDP). Those who are in Medicare Supplement plans should be okay unless you have seen major rate increases and want to see if you can get a better premium price.
I highly recommend at least looking at the options available to you. I have seen clients save up to $2000 per year by just changing to the best prescription plan for them. The Part D plans are annual contracts and can change significantly from year to year. In this area, there were 33 different plans available in 2014. All of them vary in premium, deductible, formulary, tier levels and prices, and pharmacies that they prefer you use.
Yes, unfortunately, the “donut hole”, (also known as the gap in coverage) will still be in place for 2015. It will not be until 2020 that you should expect not to pay more than 25% of the retail price for any medicine. If you have a difficult time paying for your medicines, there is “extra help” available. I can connect you to someone who will see if you are eligible income-wise and will help you complete the necessary paperwork.
As in past years, all Medicare Advantage Plans (also known as Medicare Part C) will change also. There are insurance companies that are “exiting the market” and a few new ones coming in. The premiums, co-pays and co-insurance will likely go up. Be sure to check if your doctors are “in Network”. It does not cost anything but a little time, to be certain that you are in the best plan.
If you qualify for Medicare but are still covered under a work health plan, you may very well want to look at your options. You should be able to get better coverage for a lower cost by utilizing Medicare and dropping your work insurance. That can be a scary thing to do, but as long as you have a competent advisor, it may well save you money!
I consult for free. Only if I put you in a new plan, am I paid a commission by the insurance companies. You do not have to pay anything extra to get the benefit of my years of knowledge and experience. Please don’t wait. This election period ends December 7th.