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You may be perfectly pleased with your prescription drug coverage up to this point. You should review that coverage now and possibly change it, however, since the annual open enrollment period allows you to do so from October 15th to December 7th.
What can happen if you don’t review all of the options at your disposal while you still can? You could get a shock in January when you go to the pharmacy and find that your medication is no longer covered.
To avoid that from happening, let’s take a closer look at how taking action during open enrollment can put your prescriptions in order.
How Your Prescription Drug Coverage Can Change Each Year
Why is it a good idea to take a look at your Medicare prescription coverage during open enrollment? In a word, change. Your coverage can change in several ways, and some of those ways may not be favorable to your health or your wallet.
Some plans could add drugs under their umbrella, while others drop medication that could leave you scrambling to find extra income to get what you need. Co-pays can change too, as can deductibles.
Factor in all of these possible changes, and it now becomes clear as to why taking advantage of open enrollment is a smart move.
The Importance of Medicare Drug Coverage as You Age
The closer you are to age 65, the more critical it is to check your coverage. Even if you’ve had no need for prescriptions before, statistics show that could change as you get older.
According to the Kaiser Family Foundation, 89 percent of people aged 65 or older take one prescription medication. Over half take four or more. A change in just one medication could rock a person’s finances who’s on a fixed income.
Is having prescription drug coverage under Medicare a must? No, since approximately 30 percent of beneficiaries do not have it. Still, it could become a necessity as time passes by, and making sure you’re covered now could prevent problems in the future.
Not signing up for Medicare drug coverage once you are eligible could result in a long-lasting penalty later on. For this reason, having it as a preventative measure could cut long-term costs.
Getting Drug Coverage During Medicare Open Enrollment
You can get drug coverage through a Medicare Advantage plan or as a standalone Part D plan that pairs with original Medicare’s Part A and Part B coverage. The open enrollment period allows you to change your coverage should you choose to do so.
Significant Numbers to Know for 2020
Standalone prescription drug plans are expected to carry a $30 monthly premium, which is down from $32.50 in 2019. Also, if you are enrolled in Medicare Part D, you will have to pay $6,350 out of pocket before you can qualify for catastrophic coverage. This is a big jump from the $5,100 out of pocket figure for 2019.
Luckily, you won’t have to make any decisions in the dark. Visit the Medicare.gov site’s Plan Finder, and you’ll be able to compare plans.
