With the Annual Election Period (AEP) coming up from October 15-December 7, it is a critical time to review your Medicare Plan.  Because of the limited time frame, you’ll be receiving A LOT of advertisements—by mail, email, social media, radio, newspapers, phone calls, and television.  It WILL be overwhelming!

Medicare Prescription Drug Plans cover medications.  Some people have their Prescription Drug Plan built in to their Medicare Advantage Plan, and some people have a stand alone Prescription Drug Plan.  Regardless of how you receive your prescriptions, it makes sense to review every year!

Most states have a large number of Prescription Drug Plans to choose from.  For example, in Illinois alone, there are 27 different plans to choose from.  How do you narrow it down?

Some things to consider:

What are your medications?

• Each plan has a formulary, or drug list.  These formularies are not the same from plan to plan.  Checking YOUR medications against each plan’s drug list is important. You don’t want a big surprise that your medication isn’t covered for 2019. 

What pharmacy do you use?

• Each plan has a network of pharmacies.  Some plans have broader networks, and some are very specific to a certain pharmacy.  Most, but not all, have mail order vendors that can reduce the cost. 

What is the plan premium?

• The plan premium is important, but the overall cost (premiums, deductibles, and co-pays) is the most important factor.

What is the deductible?

• Medicare’s standard deductible is $415 for 2019.  Some plans include this full deductible, some have a lower deductible, and others have $0 deductible.  Some of the plans have a deductible on only certain levels of medications.

What are the medication co-pays?

• Each plan has a variety of medications tiers, or levels.  Typically plans have 5 tiers of medications.  Check which tiers your medications are on to see what your co-pays will be.

As you can see, there is a lot to consider when analyzing a drug plan.  One handy tool is the medicare.gov plan finder, where you can input your medications and your pharmacies. Also, your area’s Senior Center likely has SHIP counselors who can do these reviews for you. 

We do Prescription Drug Plans reviews and analysis in my office as well, so if you’d like assistance, please give us a call.  

Medicare’s Annual Election Period is quickly approaching.  There are several things you can do today to make sure you’re prepared for this critical time period.

During the Annual Election Period, also known as AEP and Open Enrollment, you can make changes to your Medicare Advantage and/or Prescription Drug Plan. It is wise to review your plans each year, as plans can change significantly from year to year. 

Since AEP is such a short window of time, there are some key steps for you to take RIGHT NOW to make sure you don’t miss your opportunity to review.

• Update your Prescription Drug List—maybe you carry an Rx list in your wallet.  If so, double check it to make sure it’s up to date.  Remove any medications you are no longer taking and add in any new ones.  If you don’t have a current copy, gather up your prescription bottles and make a list OR contact your doctor a pharmacist to get an up to date printout.  This is an important step because any new plan analysis should factor in your current medications.

• Find your Medicare card—If you decide to make any changes, you’ll need your Medicare card.  New cards were recently sent by Medicare, so make sure you know where it is! If you can’t find it, be sure to request a new one.

• Make a list of all your doctors and pharmacies—Some plans have doctor networks (some don’t!).  Having an up to date doctor list is helpful in analyzing plans.   

• Analyze your 2017 and 2018 health care spending—Think about how much you spent on health care in the last 2 years.  List your monthly premiums (if any), your doctor and specialist co-pays (if any), your hospital co-pays (if any), etc.  If you don’t know the numbers off hand, find them! You can look for Explanation of Benefit forms (sent by Medicare or your Medicare Advantage plan) and look at your total out of pocket costs for the year.  Knowing this information is critical to making an informed decision about your coverage.

• Make your Annual Election Period appointments—agents have a lot of people to see in 8 weeks. Make sure you don’t get missed.  Call 815-232-7726 and get on the schedule now so you’re sure to have your review before the opportunity runs out.

Every year, AEP becomes more and more important.  The steps you take TODAY will set you on the right path to making sure you’re on an appropriate plan.