Why Reviewing Your Medicare Drug Plan Every Year Matters

Medicare Part D is an essential benefit for millions of Americans, but prescription drug plans can change yearly. Each fall, during the Annual Enrollment Period (October 15 to December 7), Medicare beneficiaries have an opportunity to review and change their prescription drug coverage.

Drug Plans Change Annually

Insurance companies that offer Medicare Part D coverage can adjust their plans annually. This includes changes to premiums, deductibles, copays, and the list of covered drugs, known as the formulary. A medication that was affordable last year might move to a higher tier or even be removed from the plan’s coverage altogether. Reviewing your plan allows you to make sure the prescriptions you depend on will still be covered at a reasonable cost.

Your Needs May Change

As you age, your health needs may evolve, and so might your list of prescriptions. Adding a new medication or stopping one can dramatically affect which plan offers the best value for your situation.

Pharmacy Networks and Restrictions Affect Costs

Some Medicare drug plans have preferred pharmacy networks that offer lower prices. Your out-of-pocket costs could rise if your usual pharmacy is no longer part of your plan’s preferred network. Specific plans may also introduce new restrictions, such as prior authorizations or quantity limits, that can delay or complicate refills.

Review Your Coverage Before the Deadline

Once the Annual Enrollment Period closes on December 7, most people won’t be able to change their plans until next year. Contact Insurance Solutions USA to schedule a personalized Medicare review today.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.