Part D plans can change their formulary, tier placement, pharmacy network, and premiums each plan year. A plan that was inexpensive for you last year can become one of the costliest options this year without you doing anything differently.
The 15-minute annual routine
- Read the Annual Notice of Change your plan mails each fall — it lists what is changing for January 1
- Write down every medication, the dose, and the quantity you fill
- Confirm each drug is still on the formulary and check what tier it lands on
- Confirm your pharmacy is still a preferred pharmacy for that plan
- Compare the full-year estimated cost, not just the monthly premium
When to ask for help
If your medication list changed during the year, if you were prescribed something expensive, or if your Annual Notice of Change mentions your drug moving tiers, that is a good time to have a review done before the December 7 deadline.
Help paying for prescriptions
Depending on your income and resources you may qualify for Extra Help (the Low-Income Subsidy) or for a Medicare Savings Program through the state of Florida. These programs can substantially reduce what you pay. I am happy to point you to the right application even if it means you do not need a new plan from me.
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We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov, 1-800-MEDICARE (TTY 1-877-486-2048), 24 hours a day / 7 days a week, or your local State Health Insurance Assistance Program (SHIP) to get information on all of your options.
This article is general education, not individualized advice, and does not describe the benefits of any specific plan or contract.