RoxanneYou have from now until December 7th to ensure your Medicare coverage is complete and cost-effective. If you take prescriptions, looking over your Part D plan is a good idea while you can. If you don’t, you may experience sticker shock once 2020 hits.
There are two problems in particular that you can fix right now to keep your drug costs down. Let’s jump into them now so you can correct them before open enrollment ends.
Overpaying by using the same Part D plan as your spouse
Do you take the same prescriptions as your spouse? Probably not, which is why picking the same Part D plan isn’t a solid strategy.
You’ll be hard-pressed to find family discounts for Part D plans. For this reason, it’s best to shop for prescription coverage separately from your spouse. If one of you takes more medication than the other and you’re on the same plan, you could be overpaying.
If this is your current case, shopping separately right now could see lower medical costs in 2020 that you can use to pay down debt or cover other expenses.
Have you been using the same Part D plan strictly out of convenience? Now’s the perfect time to change that, as you still have time to find more affordable, yet adequate coverage for the coming year.
Once you see the potential savings you can enjoy by shopping for Plan D separately, you may find that such convenience isn’t worth it.
Increasing Plan D premiums
Just as with other costs, Medicare Plan D premiums can increase each year. Sticking to your current plan without exploring new options could mean paying more for the same coverage you currently enjoy.
While paying more is an issue, so is getting less coverage for prescriptions you currently take. Since plan formularies that calculate what you pay for medications can change, you could find yourself poorly covered for your needs in 2020.
As with using the same plan as your spouse, convenience may come into play here. You may want to avoid having to research new Part D plans, which could lead you to make no changes.
What can happen as a result? Your plan D premiums can increase in 2020, and you may find yourself scrambling to pay for the prescriptions you need.
Luckily, seeing what’s out there in terms of Part D options is rather simple. Just use the Medicare Plan Finder, and you can shop for 2020 plans within seconds.
By entering your location, the medications you need, and other info, you’ll be able to see if changing your Part D plan during open enrollment is worth it.
As a side note, the Plan Finder has been updated for 2020. If you used it last year, you might want to give yourself some time to get acquainted with it to ensure you find what you need.
In short, don’t wait until the last minute to shop around. You still have until December 7th to make changes that could net significant savings in the new year.
Last, but not least, take an inventory of the prescriptions you currently use. Are you taking fewer medications than before? A new part D plan could give you the necessary coverage at a lower cost.
