3 Questions to Ask When Choosing a Medicare Part D Plan

  • By William Bryant
  • 21 Apr, 2017

Make the right choice for your drug coverage

Choosing a Medicare Part D Plan?

No matter your age, health insurance plans can be confusing. But if you're a senior over the age of 65, it becomes increasingly important for you to make the right choices with your healthcare. By the year  2030, Medicare enrollment  is expected to rise to 79 million people across the nation. With so many participants, there are bound to be folks who make the wrong decision as to which Medicare policies and Medicare supplement plans they choose.

For many seniors, one of the most pivotal parts of their medical care may be their prescription drug plan. Most seniors will have to determine whether Medicare Advantage (known as Medicare Part C) or the Medicare Prescription Drug Plan (known as Medicare Part D) is the best fit for their needs. If you want to determine whether Medicare Part D is the right choice for you, you'll want to ask your provider the following three questions.

1. Will Medicare Part D cover the prescriptions I currently take?

The drugs covered by Part D and by Medicare Advantage plans will often vary from year to year. The last thing you want is to sign up for or continue with a plan and find out later that necessary medications aren't covered. Your plan will have an Evidence of Coverage, which provides information on some of the most common medications covered by the plan, but you can also access a complete list of all medications. Your doctor or provider will be able to tell you whether your current medication is covered. If it's not, there could be another covered drug that you can take instead. When this is not possible, you'll need to investigate a different plan.

2. Is my current pharmacy within my plan's network?

Not only can drug coverage change on a yearly basis, but so can pharmacy network coverage. That's because certain pharmacies are contracted to set pricing for different medications. You might save quite a bit of money by using a pharmacy that's within your plan's network, but sometimes, it may not make a huge difference. Regardless, you'll want to check on this prior to enrolling in a plan. Otherwise, you may get an unwelcome surprise when you go to pay for your prescription.

3. Will the cost of my prescriptions change?

Yes, the costs of your prescriptions can vary from year to year, too. Most Medicare drug plans will split the cost of these medications with you through your co-pays, while others have deductibles you must meet before that happens. These terms are subject to change every year, so co-pays, deductibles, and premiums may not stay the same. So too can your drug costs, if the particular medication you take is moved to a different tier in your plan. Low tiered medications usually cost less. While your insurance company will be required to notify you, it's better to check on this yourself -- ideally, before you enroll in a plan.

 

At S2S Silver Services, we understand how complex  finding a drug coverage plan  can be. We'll take the guesswork out of the equation and match you with an insurance company that fits your needs. For more information or to obtain a quote, get in touch with us today.

 

By Jen Steever 16 Oct, 2017


Nearly 45 million people are enrolled in Medicare due to their age, and around 90% of Medicare participants rely on supplemental plans to complete their coverage. But if you are healthy and not currently taking any prescription medications, do you really need Medicare Supplement plans in addition to your regular policy?

By Jen Steever 16 Oct, 2017
A traditional Medicare Supplement is the grandfather of insurance that backs up Medicare. Started in 1965, it is celebrating its 50th year of being the backup to Medicare parts A and B. If you have studied Medicare or insurance company information, you may have read terms like Medigap, Med Sup, or Gap insurance, which are named derivatives for the official designation of traditional Medicare Supplements. Whatever their name, they are all exactly the same thing.
By Jen Steever 27 Sep, 2017
For most seniors, having Medicare is vital. That being said, a basic Medicare plan may not be quite enough coverage for your needs. In fact, 90% of Medicare participants have some sort of supplemental health insurance, whether it be Medicaid, an employer-sponsored plan, Medicare Advantage, or Medicare Supplement plans (also known as Medigap). With so many Medicare supplement plan options to choose from, you may feel overwhelmed about having to choose one. Whether you made the wrong decision or your needs have simply changed, it's possible that your current supplemental policy isn't fitting the bill (or is making the bill much too high!). The good news is that it is possible to switch Medicare supplement plans. However, there's some important information you need to know first.
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Last month, we addressed a question about the best Medicare Insurance options. We discussed what options folks who are employed by the military, state and local government, or private employers, should explore and plan for.

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By Jen Steever 15 Aug, 2017

No one likes to think that their health could fail at any point, or that it will likely decline as you age. But it is important to keep these thoughts in mind, especially since the average 65-year-old American has a 70% chance of needing long-term care services in their lifetime.

When you take into consideration that the average medical expenses of a 65-year-old couple can total around $218,000 over 20 years, it's clear why so many people choose to invest in long-term care insurance. For the same reasons, Medicare supplement plans could be a huge money saver in the post-retirement years to come.

If you are wondering whether long-term care insurance is the right financial decision for you, then keep reading to learn more.


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from J. Elvin Dashiell and the Senior Information Corner
By Jen Steever 23 Jun, 2017

I have received so many questions over the years regarding the safety of certain investments so I would like to share with you about "safe" and "no risk" investments. I would like to define what those terms mean and how they apply to financial planning. Customers often believe investment choices are supposed to become more conservative and less risky as they approach retirement. They don't always know how to evaluate an investment's risk.

By Jen Steever 14 Jun, 2017
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