From October 15th to December 7th you have the option of making changes to your Medicare Part D drug plans or Medicare Advantage plans with drug coverage. Here are some important tips to remember that can save you a lot of money in the long run.
- Compare your options: If you already have a drug plan in place, you should receive a guide from medicare describing plan changes for 2017. It’s very important to go over this information thoroughly, even if you don’t see many changes. Go to MediQuote.us to search for plans available in your zip code. With MediQuote you can Compare Multiple Plan Options, Talk to a Licensed Broker, Compare Well-Known Carriers, and Buy the Way You Want. MediQuote offers their services for free.
2. Know the difference between co-pay and co-insurance: Knowing the difference between the two can save you thousands on out-of-pocket costs. A co-payment is a flat fee per prescription. A co-pay on a generic drug could be as low as zero dollars. But a co-pay on a (Tier 3) drug can be up to 50 bucks per prescription. If your plan requires you to switch to co-insurance, you will have to pay a percentage of the total cost of the drug — meaning you could pay a percentage (usually around 25 to 50 percent) of the cost out-of-pocket.
3. Check drug coverage and tiers: “Many plans will drop drugs from their formularies from one year to the next. Or, they may change the “tier” in which the drug is placed. That could easily triple the out-of-pocket cost you pay, since tiers 3 and 4 will have significantly higher co-pays. It’s worth doing the “Plan Finder” comparison every year.” (Terry Savage