Changing Part D Plans Might Lower Your Drug Cost
Is my current Part D Drug Plan right for me?
Medicare Part D assists with prescription drug costs. Part D plans are very different, and the cost can vary greatly depending on the plan you choose. Even for the same drugs, there can be differences in costs for each plan within the same city. Comparing Part D plans is very important, and should be considered a major purchase.
Should I switch my Medicare Part D Plan?
If you find that your Medicare Part D Plan is not meeting your healthcare or financial needs, you may want to consider changing plans. Your medications may change from year to year. The Medicare Part D Plan that you chose may have changed. You may have been surprised by the costs, or you may have experienced a coverage gap.
Even if you're satisfied with your current plan, costs may be much higher this year. In fact, it’s certain that you can expect a significant increase in the premiums for your current plan.
Additionally, you may not be sure if your plan is meeting all of your needs. It is important to understand your options. Educating yourself about your current plan (and its changes) and other plans allows you to decide whether to keep your current plan or switch to another. Many Medicare beneficiaries find that they save money by switching plans, so it is worth taking the time to explore all your options.
Will I have to pay a penalty for switching plans?
No, there is no penalty for switching plans. However, you can only switch plans during the open enrollment period. You can only enroll and disenroll one time during this year's period.
When can I switch plans?
You can switch plans during open enrollment. For this year the period is November 15, 2008 through December 31, 2008. If you do not enroll/switch by December 31, 2008, you may not be eligible until the next Open Enrollment period in the fall of 2009.
If I switch plans during open enrollment when will my new Part D coverage begin?
If you switch/enroll during Open Enrollment, between November 15 and December 31 of this year, your Medicare Part D coverage will begin on January 1, 2009 and will continue for the entire year.
Should I compare Medicare Part D plans before switching?
Yes, you should compare Medicare Part D Plans. Comparing plans can save you money, because it can help you select a plan that is cost-efficient based on your specific medication needs.
Medicare Part D plans vary greatly. They structure their benefits differently than the minimum standard established by Medicare. Sometimes it can be difficult to determine the plan that will best meet your needs, and it can be difficult to determine your actual costs within a given plan.
Our free, easy to use Medicare Plan Comparison Tool allows you to compare plans side by side. By exploring your options, you can make a knowledgeable decision on a plan that best meets your needs. Having complete information on Medicare Part D Plans will save you money on your prescription drug-related healthcare.
If you find out that your current plan is still the best for you, do nothing and you will automatically be enrolled in it for the following year.
Will it take much time to learn about other plans?
Finding a Medicare Drug Plan that fits your needs is not easy to do. It is not one size fits all. Beacon is here to help. We represent some of the largest names in the Medicare Drug Plan business and can assist you in simplifying and customizing a plan that makes the most sense for you.
Need Help With Part D Enrollment? Call (888)484-0414 Mon-Fri 8:30-4:30
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