Medicare Mistake #7
Picking the Wrong Part D Plan
Traditional Medicare does not cover prescription drugs. Part D plans help cover the costs of prescription drugs. Unless you have a Medicare Advantage plan that includes drug coverage or are covered through an employer, it is important you pick out the right Part D plan for you.
When picking a Part D plan it is important to remember a few things:
- The best way to pick a plan is according to the specific drugs you take
- Part D plans do NOT cover all drugs
- Review your plan every year to make sure it is still the best for you as it may change
- Co-pays vary greatly
- It is a big risk to pick a prescription drug plan based on premium, name, or hearsay
If you choose the wrong plan, you can change it-but only during specific times. These periods include:
- Annual Election Period (Oct. 15- Dec. 7)
- Medicare Advantage Disenrollment Period (Jan. 1- Feb. 14)
Plans for 2016 will be released on October 1st. You have from October 15th to December 7th to select a plan. The plan you choose will go into effect on January 1st.
Note that once you select a plan you will not have the opportunity to change to another plan until the next annual election (Oct. 15th to Dec. 7th)