There are certain expenses in life that may be unavoidable. Food is one of them, and medication is another.
If you're a retiree on a fixed income that consists largely of Social Security, the cost of medication may be an expense you struggle to afford. That's why it's so important to have the right Medicare coverage in place.
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Medicare's fall open enrollment period kicked off in mid-October. Between now and Dec. 7, Medicare enrollees have an opportunity to make changes to their healthcare coverage. That could mean switching Medicare Advantage plans or moving from one Part D drug plan to another.
If you're enrolled in a Part D plan, it's important to choose a new one carefully. Here are some tips for tackling that process.
1. See how your current plan is changing
Do you need a new Part D drug plan for 2026? Maybe, if your current plan is changing for the worse.
The first thing you need to do is see what changes are coming to your existing Part D plan. Review the notice of change you should've received and take note of updates that aren't favorable for you. Once you have a sense of what your current plan will cover and cost in 2026, you can start looking at different options.
2. Create a list of medications
The specific medications you take will dictate what costs you face as a Part D enrollee. So it's important to make a comprehensive list of your medications.
Write down your various prescriptions and dosages, and try to anticipate any new medications you might need once 2026 rolls around. For example, if your doctor recently discussed putting you on a cholesterol pill, you may want to include that in your medication list so you can see what costs you may be facing.
3. Verify drug coverage on each replacement plan's formulary
Medicare Part D drug plans use formularies to group medications into different tiers. The lower the tier, the lower the copays tend to be. Once you have a comprehensive list of the medications you take, you can see what coverage looks like for those medications based on different plans.
Medicare's Plan Finder tool also allows you to input your medications and dosages. From there, it can spit out a list of Medicare Part D plans that are available in your area along with estimated costs based on your personal needs.
4. Review pharmacy networks
The pharmacy you use to fill your prescriptions will help determine your costs. Most Part D plans have a network of preferred pharmacies. Going outside of that network could result in higher costs.
As you review your plan choices, pay attention to pharmacy networks, and make sure there's an option to fill prescriptions at a location that's convenient for you. Also check to see if each plan you're looking at offers the option to order medications by mail. Not only can this be more convenient, but in some cases, it could result in savings.
5. Look at your total costs
When reviewing different drug plans, it's easy to get lost in a sea of numbers. But it's important to review your total costs under each plan -- not just the premiums each one charges.
Some Part D drug plans, for example, come with a $0 premium. But that doesn't mean they're the cheapest. That will depend on what deductibles and medication copays you're looking at.
Choosing a new Part D plan can be a whole process, so be sure to give yourself plenty of time to pay attention to details along the way. The more thorough you are, the more likely you'll be to end up with prescription coverage you're happy with in the new year.
