Supplement insurance is often regarded as the Cadillac plan because it has the best nationwide coverage and the least out of pocket expenses. However, you’ll need to pair your Supplement Insurance with a Part D Prescription Drug plan. These plans are much more confusing, often change coverages each year, and can have a huge impact on your yearly out of pocket costs.
Working with a Medicare broker ensures you have a professional in your corner each Open Enrollment to evaluate and select a new Part D Prescription Drug plan.
Here are 3 signs you should evaluate and switch Part D plans this Open Enrollment:
Your Plan Premiums Have Become More Expensive
This happens quite a lot. Each year, our San Diego Medicare insurance companies increase the costs for well performing plans that are costly to them. This helps them balance their own costs. You may have enrolled in a plan that was inexpensive two years ago but has increased in monthly costs. Now during Open Enrollment it is a good opportunity to see if there are less expensive plans that still meet your needs.
You Have New Prescription Drugs
When you select a Part D Prescription Drug plan, you’ll want to know which drugs are covered “deductible waived” or before you have to pay towards your drug deductible. Plans have drug tiers. You may have Tier 1 and 2 drugs covered without paying towards your deductible but Tiers 3 and up have a deductible. Let’s say you now have a new Tier 3 drug that has been prescribed. You may want to pay for the better Part D Drug Plan so your new prescription is covered without a deductible.
You Have a Costly Part D Plan but Don’t Take Costly Prescriptions
If you have only Tier 1 and Tier 2 drugs, there are Part D plans that cover those drugs inexpensively. Just be prepared to pay towards your deductible and the co-insurance when you do need a Tier 3 or higher drug.
Open Enrollment starts October 15th 2021
Medicare Open Enrollment for 2022 goes from Oct. 15 to Dec. 7, 2021. During the Medicare open enrollment period, you can make changes to your Medicare health and drug coverage that will take effect on Jan. 1, 2022.
Take advantage of this opportunity to evaluate a new Part D Prescription Drug Plan
At the end of each year you have an opportunity to evaluate your Medicare enrollment. If your needs have changed, you now can change your plans. A good Medicare broker knows that Part D plans should be evaluated each and every year. These plans are changing every year, and our medicare members have new prescriptions each year. If you’d like to work with a knowledgeable Medicare broker ready to help you this open enrollment, give us a call at HealthyMarks Medicare.
Keaton Marks is the owner and CEO at HealthyMarks including the medicare team. Keaton was born and raised in Encinitas. He often rode his bike through town and to the local beaches like Moonlight. Keaton knows it is important to have a local resource, someone who understands the area, the hospitals and networks of doctors. Keaton is proud to be a local Medicare broker who is able to assist the people in his town when selecting medicare plans.
Keaton believes one thing above all else: “Medicare is confusing… but it doesn’t have to be! That is where HealthyMarks Medicare comes in” Please contact me with any questions.