Medicare Open Enrollment: You could save big money on drugs

It’s Medicare open enrollment season, and if you’re smart you’ll take an hour or two to review your options. While it is not possible to choose a Medicare Advantage plan that is right for you—there are too many unknowns—you should be able to avoid choosing a Medicare Advantage plan that is wrong for you. And, you could save big money on drugs.

Paula Span reports for The New York Times on one woman who saw hundreds of dollars in savings by choosing a particular Part D prescription drug plan and using that plan’s pharmacies. Especially if you are taking multiple medications, using the Medicare Part D Plan Finder can direct you to Part D plans that  cover the drugs you are currently taking at the lowest cost. Of course, if you are prescribed new expensive medicines after you sign up with a Part D plan, all bets are off.

What should you do to lower your drug costs? First, make a list of all the medicines you are taking and your current copays. Then, go to the Medicare Part D Plan Finder to figure out which Part D plans offer you the least expensive coverage from pharmacies that you can easily use. Keep in mind that each Part D plan has different rules about where you can fill your prescriptions.

What if you’re in a Medicare Advantage plan? The same rules apply. Each Medicare Advantage plan has its own formulary—list of covered drugs and copays—along with where you can fill your prescriptions. You want to check that the Medicare Advantage plan you choose will cover the drugs you use, in addition to your doctors and hospital, at a low price. If you are on multiple medications, to save money, you should look carefully at your drug costs in different Medicare Advantage plans.

Can I get help choosing a Part D plan or a Medicare Advantage plan? Yes, free help is available through your local State Health Insurance assistance Program or SHIP. Call 877-839-2675 for information on your state’s SHIP. Do not rely exclusively on the advice of an insurance agent. Agents are paid more to steer you towards particular plans and might not direct you to the best plan for you.

Here’s more from Just Care:

• Medicare Open Enrollment: Don’t trust insurance agents
• Most people choose traditional Medicare over Medicare Advantage
• Four things to think about when choosing between traditional Medicare and Medicare Advantage plans
• You might pay less for insulin through Medicare Part D, beginning in 2021
• Programs that lower your costs if you have Medicare