As a retiree, there may be wiggle room in your budget for certain expenses. For example, if money gets tight, you may be able to shop for groceries more strategically to lower your costs. And if need be, you could cancel cable and find a less expensive way to enjoy your downtime.
But when it comes to your medications, you may not have the same flexibility. And if you're trying to conserve your retirement savings, it's important to make sure you have the right prescription drug coverage.
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Choosing the right Medicare Part D drug plan from the start is an important thing to do. But the plan you first enroll in doesn't have to be the plan you keep forever.
Medicare's open enrollment period is currently underway. Between now and Dec. 7, you have an opportunity to make changes to your Medicare coverage.
That could mean making a switch with your Medicare Advantage plan, or signing up for a new Part D drug plan. Here are a few signs that you could use a new Part D plan.
1. Your prescription needs have changed
It may be that your doctor has recently prescribed you some new medications. Or, it may be that you're no longer taking a drug you once took on a regular basis.
If your medication needs have changed, your current Part D drug plan may not offer the best coverage. So it pays to shop around and see if there's a more suitable plan for you.
2. Your prescription costs have gone up
Medicare Part D plans use formularies to group medications into different tiers. If a drug you take on a regular basis has been bumped into a higher tier, it could result in higher costs for you.
In that situation, it pays to see if there's another Part D drug plan that puts your medications in a lower tier with lower costs. And if not, then it could pay to talk to your provider about switching medications.
3. Your plan's premiums have risen
It's common for Medicare Part D plans to charge a premium for coverage. If your plan's premiums are rising substantially, it could pay to move to a plan with lower ones.
That said, when comparing Part D plans, it's important to look at overall costs more so than just premiums. It may be that there's another plan out there with lower premiums. But if your copays and deductibles are higher under that plan, you may not end up saving yourself any money.
4. You no longer have convenient pharmacy access
Many seniors are surprised to learn that they have to choose their pharmacies carefully once they enroll in a Medicare Part D plan. If your preferred or most easily accessible pharmacy is no longer in network, that's a good reason to consider a new Part D plan.
Traveling a longer distance to fill your prescriptions could be a burden, depending on your stage of life. And there may be a cost involved. However, it may also that you're able to order certain medications by mail, which could be a more convenient option than having to physically go to the pharmacy every month for refills.
It's important to take advantage of Medicare's open enrollment period to ensure that your healthcare needs are being met. In the coming weeks, make sure to review your Part D plan's notice of change and use that information, coupled with your prescription needs, to guide your search. It may be that there's a much better Medicare Part D plan available for you -- one that saves you money and makes your life easier.
