Regularly review your Medicare coverage

Wednesday, September 14, 2016

Each year, it's a good idea to review your Medicare Part D prescription drug insurance and make sure it still works for you. Your health needs change and so does the list of drugs your plan covers, so shopping among numerous plans and choosing the right one could mean saving hundreds of dollars a year on your prescriptions.

Medicare’s annual open enrollment season begins Oct. 15 and runs through Dec. 7. This is the time every year when you can sign up for a new Medicare drug or health plan, or switch the one you have now. Any new coverage you select will take effect Jan. 1, 2017.

In addition to Part D drug plans, open enrollment applies to Medicare Advantage health plans, which are managed care (HMO) plans run by private insurers approved by Medicare.

If you have Original (traditional) Medicare and you’re satisfied with it, you don’t need to do anything during open enrollment.

If you have a Medicare Advantage health plan or Part D drug plan, know that these plans can make changes each year, including what they cover, how much they charge for monthly premiums and deductibles, and which doctors, hospitals, and pharmacies are in their networks.

Always review the materials your health or drug plan sends you, like the “Evidence of Coverage” and “Annual Notice of Change.” Make sure your plan still meets what you anticipate will be your health needs for next year. If you’re satisfied with your current plan, and your insurer is still offering it in 2017, you don’t need to make any changes.

Here are resources to help you compare your current coverage with new plan offerings for 2017. You can:

• Visit www.medicare.gov to review drug and health plans, including costs, available in your area and enroll in a new plan if you decide to. This information will go live on or around Oct. 1 (and before that on www.cms.gov.) Medicare rates the plans on a scale of one to five stars. Open enrollment information also is available in Spanish.
• Call 800-MEDICARE (633-4227) for around-the-clock assistance to find out more about your coverage options. TTY users should call 877-486-2048. Counseling is available in a variety of languages. 
• Review the Medicare & You handbook (PDF). This handbook is mailed to the homes of people with Medicare each fall.
• Get free, unbiased, one-on-one counseling from your local State Health Insurance Assistance Program (SHIP). Local SHIP contact information can be found online here, on the back of the Medicare & You handbook or by calling Medicare at 800-MEDICARE (633-4227). 

If you have limited income, you might qualify for help to pay for your Part D drug plans. There’s no cost or obligation to apply and it could save you thousands of dollars each year. Medicare beneficiaries, family members or caregivers can apply online or call Social Security at 800-772-1213. TTY users may call 800-325-0778.