Your Medicare Crock Pot

As we roll into fall, so do the fantastic crock pot recipes. Chilis, soups, and a ton of other recipes tend to make their appearance on our tables. It’s because of their ease at cooking... dump in all the ingredients, turn it on, and come home to a warm meal. 

While not quite as yummy as a bowl of chili and cornbread, another thing that rolls around each year is open enrollment for Medicare Advantage and Part D prescription plans, which runs from October 15th to December 7th.  

Medicare Advantage or Part D drug plans can make significant changes each year, including monthly premiums, covered medications, how much you’ll pay for each drug, pharmacy networks, doctor networks, out-of-pocket costs, deductibles, co-pays, drug formularies, and other aspects of your coverage. As a result, it’s critical that seniors review their plan options during each open enrollment period. 

Regrettably, a consumer survey on Medicare found that only around ten percent of seniors examine their coverage yearly, and the need to review Medicare coverage is much greater for some people than others. It is possible for individuals to spend thousands, or even tens of thousands, of dollars more than they should for their coverage if they choose to disregard these annual changes.  

With open enrollment just around the corner, consider whether you fall into one of these categories: 

Is it over 2 years since your last review of your Medicare Part D or Advantage plan? Whenever there has been a longer time since your previous assessment, the urgency of your coverage evaluation will increase. According to the most recent analysis, the average savings from reviewing plans amounts to approximately $350 on medications per year for those taking prescription drugs.   

Since you last looked at Medicare plans, have you experienced any changes in your health? When you experience a change in your health, it is common for you to become acquainted with new medical professionals, experts, and/or medications. When people choose Medicare plans for the first time, they do it based on their requirements at that time. When those requirements shift, it is essential to review the coverage.  

In general, do you use five or more prescriptions, or do you take any medications that are branded under a specific brand name? On the other hand, the more prescriptions you take, the greater the likelihood that you will be able to save money by modifying your plan for the next year. Even if you just take one brand-name drug, it is important to review your coverage. It is possible for a single brand-name medication to be less expensive by thousands of dollars depending on the plan.  

Although it may not be as delicious as a warm bowl of chili, the time required to review your plan benefits each year is also quite minimal. Equally gratifying as the bowl of chili, the savings can add up. Consider it your medical slow cooker that deserves to be used each year.