It is that time of year again! The Medicare Part D Prescription Drug Coverage Open Enrollment Period for 2020 is fast approaching. Eligible seniors who wish to make changes to their current prescription coverage, or join a plan for the first time, may do so during the enrollment period. This enrollment is for coverage starting January 1, 2020.
If you are not satisfied with your current coverage or are looking for potential savings, this is the time to adjust your plan. While it is not necessary to make any changes if you are pleased with your current coverage here are a few things to take into account before you move forward with your current plan:
- 1.Each year, the open enrollment period allows eligible seniors to choose a new prescription drug coverage plan based on their current medications list – possibly reducing costs.
- 2.New plans are always being introduced.
- 3.Medicare Part D works with private insurance companies to provide coverage. Those companies may reduce costs year over year to remain competitive.
- 4.Plans may change what they cover each year. Make sure your specific prescriptions are still covered.
- 5.Pharmacies can choose which plans they will accept annually.
We recommend you complete a thorough review of your coverage at least annually to make sure you are getting the best coverage for your particular situation.
Additionally, it should be noted that the coverage gap or “donut hole” for prescription drug coverage will be completely eliminated by 2020 for generic drug coverage. With the donut hole being eliminated in 2019 for brand-name drugs, the maximum you will pay for any prescription drugs from the time you meet your plan’s deductible (if your plan has one) until you meet your out-of-pocket maximum is 25%.
Reviewing your plan and picking a new plan can be daunting. If you would like assistance in determining which Part D plan is right for you, we can help. We offer specialized insight into Medicare Part D annual reviews and may be able to help you find financial assistance for prescription coverage. We have more than a decade of experience in assisting seniors with Medicare Part D Coverage and have licensed insurance consultants on staff to assist you in navigating the process. Contact us today to set up an appointment to review your current plan, medications, and potential options for 2020 coverage.