Should I Change My Medicare Drug Plan Each Year?

Every fall you are able to change your Medicare Part D drug plan. Unlike other parts of Medicare, your drug plan is something that you can change every year. How do you evaluate other options available, and how do you make the change?

Should I Change My Medicare Drug Plan Each Year?

You should check your Medicare Part D drug plan every year

Every year during open enrollment you are able to change your drug plan. But if you are happy with your current drug plan, why should you shop around?

Here’s a few things that can change every year:

Has the cost increased?

The cost of your Medicare Part D plan can go up every year. If you get a notice that the price of your plan is going up, you may want to go online and compare the prices to other plans that are available.

Have medications changed?

If you have changed medications at all during the year, it is time to shop for a new Part D drug plan.

Different plans may provide better coverage for different types of medications. Prescriptions are classified within tiers, and each plan will provide a different level of coverage for each tier.

If you have added a new prescription that falls in a different tier than your previous medications, you will want to make sure your current plan is the most affordable for drugs in that tier.

New Plans and Pharmacies in Your Local Area

Many insurance companies are able to offer their plans on the Medicare system. Every year, new providers are able to enter the market and try to win your business.

For that reason, its important to go to Medicare website each year, and enter your specific ZIP code and view plans available in your area.

In addition to insurance companies available in your area, pharmacies can change as well. Each pharmacy may have a different price for your prescription. Confusing? You bet! But the Medicare website will show you these prices and help you find the best deal.

For example, if you are in Cedar Rapids, Iowa enter your ZIP Code and select pharmacies that are convenient for you.

How Do I Shop for a New Medicare part D Plan?

If you are new to Medicare, or just new to comparing other plans, navigating the Medicare website can be intimidating. That is why we recently hosted a webinar for our clients walking through how to compare Part D drug plans.

Watch the recording here