“This is just too important to ignore! And my prescriptions may cost me more than I need to spend.” This is from a recent phone call from Ruth. Ruth had just received her Annual Notice of Change (ANOC) information from her current prescription drug plan. She now knows her premium, deductible and copays beginning January 1, 2020. Ruth also checked her plan’s new formulary book that shows the prescriptions that will be covered in 2020 and the tier they are in. (The prescriptions a plan covers may change from year to year.)
Yes, it’s that time again – the Annual Election (Enrollment) Period also known as the “AEP”. The AEP is from October 15 through December 7. Ruth and I are now reviewing her current prescription plan compared to the 27 prescription plans that will be offered in 2020. WOW! That’s sure a lot of choices! Even though Ruth has been happy with her plan, it will change January 1. What changes? The premium, copays, deductible and even the prescriptions that are covered. CHANGES! Not only do prescription plans change every January 1, your prescriptions may have changed throughout the year. Companies offering prescription plans are also changing. Does the company you have your prescription plan with offer a prescription plan in 2020? Have you used the Medicare.gov website? It has changed as well. Wondering if you’re eligible for a Medicare prescription plan? You are if you have Medicare Part A and/or Medicare Part B. Don’t be concerned - you cannot be turned down based on your health or the prescriptions you take. You may even be eligible for Extra Help, based on your income and resources, to reduce your premium, deductible or copays. If you don’t take any regular maintenance prescriptions, you may think you don’t need a prescription plan. Without a Medicare prescription plan your out-of-pocket prescription drug costs are totally unpredictable. If your doctor gives you a prescription for a drug that costs $154 or $650 a month, will that fit in your budget? Paying a prescription plan premium and prescription copay might be a real savings. Review your plan. Gather information about the drugs you take, including their names and dosages and the pharmacy you use. You also need information about your current coverage/plan. Reviewing your plan does not mean you have to make any changes. It does mean that you will know the most appropriate and cost efficient plan for you based on your personal, individual circumstances. (Based on Ruth’s current medication and current prescription plan Ruth is going to save $450 next year by changing plans - she’s thrilled!) Most people need prescription drugs to stay healthy. By having a prescription drug plan, you can protect yourself from very high prescription drug bills in the future. Got concerns or questions? Call me at 501-868-6650 and say “Caroline, can we talk?” I’m happy to give you personalized counseling. We can walk through the changes together – this is just too important to ignore!
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AuthorCaroline Beauchamp specializes in personalized life and health insurance solutions. Archives
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