The Medicare Annual Enrollment Period (AEP) allows beneficiaries to adjust their prescription drug coverage (Medicare Part D) for the upcoming year. This session covered important tips for reviewing your plan, including evaluating drug formularies and comparing costs to ensure you have the best coverage. Making informed decisions during AEP can save you money and ensure your medications are covered.

Key Takeaways and Next Steps:

Review Your Formulary

Check your Medicare Part D plan’s formulary to ensure all your medications are covered. Pay close attention to any changes in the tier placement of your medications, as this can affect costs.

Compare Drug Costs

Review the out-of-pocket costs for your prescriptions, including premiums, deductibles, and copayments. Ensure that your plan offers affordable options for the medications you use most frequently.

Consider Pharmacies in Your Network

Confirm that your preferred pharmacy is still in the plan’s network. Some plans offer reduced prices at specific pharmacies, so compare options to maximize savings.

Evaluate Other Medicare Part D Plans

Use this time to compare other Medicare Part D plans available in your area. Ensure that your current plan continues to meet your needs or find a new plan that offers better coverage or lower costs.

Be Mindful of Deadlines

Remember, the AEP window from October 15 to December 7 is your only chance to make changes for the next year. Take action early to avoid missing the deadline.