How to Review the Adequacy of Your Existing Medicare Drug Plan for 2016

Each year, Medicare drug-benefit enrollees have the option of changing plans during a six-week open-enrollment period that begins October 15th and ends on December 7th.  If you choose a new plan it will begin on January 1, 2016.

Each Medicare prescription drug plan will have a list of prescription drugs or formulary that are covered by the plan. Drug lists or formularies can vary greatly from one prescription drug plan to the next. So it is key that you ensure that your medications are covered by your chosen Medicare prescription drug plan.

To determine if your Medicare drug plan is the right plan for you go to Medicare.gov.   Once you get to Medicare.gov’s website, choose the tab “Find Health and Drug Plans.”  Provide your zip code, then check two boxes:  (1)  You are on Original Medicare and (2) You don’t know if you receive help from your state in purchasing the drug plan purchase.  Then, simply type in your the medications you take and a pharmacy(s) in you prefer to go to.   Choose “Go to Plan Results” and then choose to see only the drug plan results – not available medical plans.  You will then be provided a list of Medicare approved drug plans.  The first plan listed covers your medications at the lowest cost (premium + drug cost) to you.

Once you find the best plan for you, you can enroll in that plan by clicking the “Enroll” buttonlocated to the right of the plan.  In the alternative, you can call the drug plan directly and asked to be enrolled.  Finally, if you get stuck don’t hesitate call your agent –especially if you are new to Medicare and are enrolling in a drug plan for the first time.

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Margy Wenham has been working as an independent insurance agent for over twenty (25) years in Redding, California.  She can be reached at 530.221.0955, by email at Margy@MargyWenhamInsurance.com or through her Websites, www.InsuredByMargy.com, www.MedicareSupplementsByMargy.com.


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