Should I review my Medicare coverage this year, and why?

Did you know that from year to year, several important things can change? For example:

1. Prescription drug costs can increase or decrease.
2. The in-network vs. out-of-network status of pharmacies on your Part D Prescription Drug plan may shift. 
3. Medications may move to different tiers on insurance carrier’s formularies

Because of these changes, it is especially important to review your Medicare coverage each year.

This recommendation applies whether you have a stand-alone prescription drug plan or a Medicare Advantage plan with prescription drug coverage (MAPD). Fortunately, these reviews are generally quick and easy. In fact, they can often be completed over the phone. This allows us to walk you through any changes to your current coverage and, if necessary, review alternative plan options.

During the Annual Election Period (AEP), a plan review begins with your current medication list and preferred pharmacy. From there, we compare all available plans in your area. Finally, we present you with options so you can select the plan that best fits your needs.

The annual election period runs from October 15th to December 7th.

Often, you are already in the plan that works best for you.  However, there are times when it’s worthwhile to review your coverage.

For example, if you have had a change in medication or if your preferred pharmacy closes or is no longer in-network with your current plan, can warrant a review. This coming AEP, with big changes coming to prescription drug plans as a result of the Inflation Reduction Act, a careful look at your Annual Notice of Change letter (ANOC) is a very good idea.

For drug plan “revisits”, please call Lori Good at 419-446-2777 or 419-906-9253.  Together, we can look at your options and I can provide guidance to help you make an informed decision about your coverage.

For more information contact the Frost Insurance Agency.  Call us at 419-446-2777, send an email to help@frostins.com, or click here to submit your request today!  You can also stop by and see us at one of our four convenient locations in Archbold, Napoleon, Holgate, or Whitehouse.

We do not offer every plan available in your area. Currently, we represent 10 organizations that offer 6,584 products in your area. Please contact Medicare.gov, 1-800-MEDICARE, or your local State Health Insurance Program (SHIP) to get information on all of your options.