Medicare open enrollment kicked off a few days ago. And from now through Dec. 7, current Medicare enrollees have the opportunity to make changes to their coverage.
In 2023, the enrollment-weighted average monthly premium for Medicare Part D plans is $40, says the Kaiser Family Foundation. You might be paying more or less, depending on a host of factors.
But the reality is that it's not just premiums you need to look at when determining whether you're on the optimal Part D plan for you. Here are a few signs that it could be wise to change your Medicare Part D coverage while you still can.
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1. You'll pay more for your medications next year
Medicare Part D plans follow different formularies that group prescription medications into different tiers. And the higher your medication's tier is, the more you can expect to pay out of pocket.
If the drugs you take at present (and expect to continue taking in 2024) are being bumped into a higher tier for the coming year, then that could result in much higher spending for you. So you may want to find a Part D plan that places those same medications in a lower tier.
Medicare's Plan Finder can help you explore your Part D choices based on the specific medications you take. Plug in your details to get a list of plans to look at.
2. Your medications are changing
Maybe your current Part D plan isn't undergoing changes. It might still be that your personal needs are changing because you're going to be starting a new medication shortly. And if that new medication will be costly under your current plan, then it pays to explore options for a new one.
Also, let's say you're no longer taking certain medications you were on when you signed up for your current Part D coverage. If that's the case, then it pays to see if there's a more cost-effective option for you as far as a drug plan goes.
3. You're limited to pharmacies that aren't convenient for you
It's important to have access to convenient pharmacies so you can obtain your medications as you need to. If your current network of pharmacies is too limiting under your existing Part D plan, then you may want to make a switch to a plan that gives you more options.
Using an out-of-network pharmacy can be a costly proposition, especially at a time when money may already be tight. So it pays to look at different Part D plans if pharmacy access has been an issue for you.
Know what changes are coming to your plan
Before you can look into new options for Part D coverage, it's important to read up on the changes that are happening to your current plan. You should have received a notice along these lines by now, but if not, contact your plan administrator and ask for a copy. And then review it thoroughly. You won't know, for example, that your medications are being pushed into a new tier until you read that notice.
Of course, you may decide that you're relatively content with your Part D coverage. But even so, it pays to at least do a little digging on Medicare's website to see if there's a better plan out there for you.
