Seniors, can we talk?
“Why should I change plans or even consider changing plans? I like my plan and it has been working great all year.” I hear this often and understand why someone might feel this way. ALL Medicare prescription and Medicare Advantage plans change January 1 of every year. A customer said she was happy with her current plan but wanted to compare Medicare prescription plans. Based on her prescriptions and the pharmacy she prefers, if she kept her current plan, she would pay $3220.22 for her prescriptions + her premiums in 2024. Another prescription plan that covers her prescriptions and assumes she goes to the same pharmacy could save her $1888.44 in 2024. She would pay $1331.78 for her prescriptions + her premiums in 2024 – WOW! Yes, she is changing plans. A reader called and asked if I would review his Medicare prescription plan. Gladly, I got his information and compared the 20 prescription plans available in 2024. His situation was different. His pharmacy is no longer in his current plan’s network. His options are to either 1) change pharmacies, which he does not want to do or 2) change to a plan that includes his pharmacy in their network or 3) continue his existing plan and pay more for his prescriptions. He is changing plans and continuing to use his pharmacy. A customer asked if I would help her friend. Her friend called and was very upset about her Medicare Advantage plan. She received a letter from the hospital she uses informing her that her hospital and doctors will no longer accept her Medicare Advantage plan. The hospital did not renew their contract with the insurance company. The letter did provide a list of Medicare Advantage plans where they are “in network” and “out of network”. Can she keep her existing plan and still go to her doctors and hospital? Yes, but it would cost her much more. Even though she likes her existing Medicare Advantage plan, she likes her doctors and hospital more. She is changing plans. Another reader called to review her prescription plan. She was certain she wanted to keep her existing plan until we compared her plan to the other 19 plans available. Her existing prescription plan will not cover her most expensive prescription in 2024. Even though she could continue her existing plan and ask for an exception, she decided to change to a plan that already covered all her prescriptions. No one likes to make a change. Most prefer to keep the plan they currently have. You may find yourself in a position where changing is the most prudent thing to do – your doctor or hospital no longer accept your plan, your plan will not cover your prescriptions or your plan has changed so that it is not a good fit for 2024. December 7 is the deadline to review, compare and make a change. Don’t know what to do? Call 501-868-6650 and say “Caroline, can we talk?”
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AuthorCaroline Beauchamp specializes in personalized life and health insurance solutions. Archives
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