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Things you should look at during Medicare Open Enrollment

Medicare Open Enrollment in Prescott and the Verde Valley by Adler InsuranceWhat changes should you make during Medicare Open Enrollment this year? Unfortunately, you may be facing some premium increases or changes to covered drugs, now is the time to review your Medicare Part D coverage to head off headaches next year. Adler Insurance, your local Medicare Broker serving Prescott and the Verde Valley (Cottonwood, Camp Verde and Sedona), would like to bring you these helpful tips.

Here’s what you should review during the annual open enrollment period so you can select a new prescription drug plan if necessary.

Covered medications. Prescription drug plans can change the medications they cover each year, and it’s important to double-check that your current medications and any new prescription drugs you expect to use in the coming year will be covered. Will there be any changes next year you need to think about?

Premium prices. Your Medicare Part D monthly premium may increase, many of the popular Part D plans have seen increases in the past years, you must weigh the amount of the change in premiums versus the inconvenience of making changes. If the changes are small you should not worry.

Cost-sharing changes. Prescription drug plans may change the co-payments and coinsurance of covered drugs each year. Most plans have structured tiers for generic drugs and brand-name drugs. Medications in each tier have different out-of-pocket costs, ranging from co-payments to a percentage of the bill. Be sure to watch for this.

Deductibles. Most part D plans charge a deductible. Some companies will charge a smaller deductible, however plans that do lower or eliminate the deductible make other changes that can raise costs for people. Watch for lower deductible with higher premiums.

Preferred pharmacies. Filling your prescriptions at selected network pharmacies will help some with certain Part D plans. Higher copayments can be charged depending on the pharmacy and whether you choose a non-preferred generic form of your medication. Get a list of pharmacies before you sign up.

Medication restrictions. Speaking of non-preferred generic medications, some Part D plans require you  to get prior authorization before they will cover certain drugs. These plans may require lower-cost drug alternatives or limit the amount of medication you can buy at one time. It may be worth it to get a plan that does not have these restrictions.

There are many options to consider. There are over a thousand different plans and options possible. There are about 30 plans that fit for most people. Adler Insurance would like to help you get the best value from this year’s Medicare Open Enrollment in Prescott and the Verde Valley areas. For more information on how we can help, contact us today at 928-710-1455

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