Medicare’s Annual Election Period is officially underway, and at The Medicare Coach, we are working diligently to make sure our clients are still in the right Part D plan for 2021.
In this blog post, I want to share some of the findings with you, some of the changes we see for the upcoming 2021 year.
As you may know, when it comes to Medicare Part D drug plans, you can change your plan every year, from October 15 through December 7. With those plan changes going into effect on January 1.
If you miss this time to review your plan and pick a new one, it usually ends up costing you a lot more money if you miss this opportunity.
It is so important for your savings that you do not miss this open enrollment period.
As of the end of October, we have changed about 74% of our client’s plans, with our biggest savings being $11,966. On average, we’re saving clients $587 in 2021.
As you can tell, significant changes are happening.
Many people join Medicare and pick their Medicare plans, and they choose their supplement and prescription plans. And they keep it for the rest of their lives. And that’s a huge mistake.
Prescription drug plans change every year. They can change the premiums. They can change the co-pays, the deductibles, the tiering, the pharmacies, basically everything about the plan changes.
If you’re not watching your prescription plan every year, you’re paying too much.
So again, there have been some significant changes around overall. The general premiums have decreased. Additionally, there’s been a significant decrease in prices for insulin, as well as all the other medications.
My message to you today is that 2021 plans are very different from 2020 plans. For that reason, please make sure that you’re reviewing your plan.
We are currently going through reviewing all of our client’s plans to save them money in 2021.
You should review your Part D Plan if:
- You take expensive medications.
- You’re paying more than $20 a month for your medications.
- You received a change of notice in the mail that your premium is going up significantly, or your pharmacy is being dropped or changing tiers, you should review your plan.
Reviewing your Part D plan is an easy way to save money and we highly recommend it.
