In 2015, an individual had the choice of about 30 Medicare plans with a wide array of benefits and premiums. Today, a total of 1001 Medicare plans are available all over the nation.
Individuals must regularly review their options for Medicare plans. You may be happy with your present cover, but you should compare it to ensure that you are getting the most financially effective plan. You should not trust that the plan that worked for you two years back will be suitable for your changing needs. If you do so, it is possible that you might miss the opportunity to get better benefits at lower price.
How to Choose One of The Top 5 Medicare Plans
The enrollment period for joining any of the Medicare Part D plans starts in December. You should note this, as if you miss the deadline, you will be subject to payment of a late enrollment fee. Here are a few steps to follow when changing your plan.
Create a List: Prepare a list of all the medications that you currently consume, along with the dosage. This vital information will assist you to compare plans. Also, ask your doctor how long the present dosage and type of drugs will be needed. Your circumstances may change in future, or there could be a generic substitute which may save you a lot of money.
Compare Different Medicare Plans: There are various Medicare plans which can be easily compared using online tools. These tools have been developed to allow you to compare medications, premiums, deductibles, and other features.
Check Medications Are Covered: Most people pay attention to the monthly premiums amount. However, the most significant thing to look for is if your medications are included in the drug formulary. Be watchful of the quantity limits, prior authorizations and other restrictions.
Step Therapy: There is a limitation called â€œstep therapyâ€�. This is where you have to temporarily substitute one drug for another. This can be difficult for an older individual who has become acclimatized to specific medications. If possible, you must try to avoid the Medicare plans which impose step therapy on the drugs you use.
Take a Look at The Costs: You must consider the overall cost of the Medicare plans. This should include the amount you pay every month and the amount you will have to pay for the coverage. You should also take note of any out-of-pocket expenses such as coinsurance or co-payment amounts.
Make a Decision
Sometimes, the lowest premium is the most important factor you should look at. But with the raft of plans available, you should note that you may be able to pay a little extra for huge benefits. Follow the steps above to judge the best options for you, and select the one that meets your needs best.