If you are covered by Medicare Part D and are not on an employer or group plan, this is critical information. Open enrollment for the Medicare Part D Drug plans start started on October 15th. You have until December 7thto determine which is the best plan for you in 2014 and make the needed change. It could save you hundreds or thousands of dollars.
Why is it important to compare?
In a recent analysis for one of our clients, he would save $5,200 for the year and his wifes would save $1,450 by switching to a different plan and using a different pharmacy. That is a total savings of $6,650 for the year!
When reviewing plans for clients for 2014, so far we have found the average savings is $220 per year. In some cases it turns out that the plan you have will still be the best for you in 2014. You just won’t know if you don’t take the time to get a review of your options.
There are many reasons you cannot assume that the plan you are on now will be the best one for you in 2014. These reasons include:
- Increased monthly premium.
- Increased deductible amount.
- Changes in what drugs the plans cover and how well they cover them.
- Changes in the medications you take.
- Your plan may no longer be offered. (In this case if you do nothing you will be enrolled in another plan that most likely will not be the best suited for you.)
- Brand new plans will be offered which might save you money.
- With some plans you get the best price on drugs by using a specific pharmacy. (You need to know this and make sure you are using that pharmacy.)
To read more of this article from Forbes magzine visit http://www.forbes.com/sites/feeonlyplanner/2013/10/17/shopping-for-new-medicare-part-d-drug-plan-is-critical/
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