It’s that time of year again.
With Medicare’s Annual Election Period (also know as Open Enrollment) starting in just a few days, I want to share some key things to be aware of so you don’t get surprised with a high prescription bill in 2018
Open Enrollment is a period that runs from October 15th to December 7th . During this time you have the opportunity to change your coverage for the new year.
And even more important, this is when the details for 2018 prescription plans are released. Therefore, the plan you had this year might not be the best for you in 2018. Your co-pays and deductibles may increase and your pharmacy may no longer be included in the plan’s network.
I’ve saved hundreds of dollars by changing prescription plans four times during the past seven years.
Those who don’t review every year are leaving millions of dollars on the table in over payments.
During open enrollment:
- Determine which pharmacy you prefer and find out if your pharmacy is still in your plan’s network.
- Make sure the medications you take are covered under your current plan.
- Once you select your plan, visit with your pharmacist about the plan before December 7th. It is critical to double check directly with your pharmacy that they will accept the new plan and that they can obtain all the medications you need. Even if you enrolled in a plan, you can change plans before the deadline, and Medicare will accept the last plan you submit
I can not emphasize enough importance of reviewing your prescription plan.
Danielle today was about to find a 2018 prescription plan for a client that will save him $8,000 and another client $11,000. We expect over 60% of our clients to switch prescription plans so save money in the new year.
Don’t miss your Open Enrollment window
PS: We offer a one-on-one service where we will do your Open Enrollment review for you. In this review we will find you a 2018 prescription plan that will cover your medications at the lowest cost. Please email me at larry@mymedicarecoach.com to learn more about this service
