How’s Your Medicare D Plan?

How’s Your Medicare D Plan?

By Mark Johnson R.CPhT., Axtell-Rite Pharmacy, Texoma LIVING WELL Magazine

The time is here if you are needing to change your Medicare Part D plan or if you are wanting to change your Medicare Advantage plan. You also have the opportunity during this time to switch from a Medicare Advantage plan and go to original Medicare. The open enrollment period is from October 7 through December 15.

The plans have changed some and maybe your plan is one of those that have changed. Do you know what is changing with your current plan? Are the premiums going up, are the deductibles going up? How about your co-payments, are the prices that you will be paying for your name brand medications and generics changing? There are many factors that you may want to check into. I know that this can all become overwhelming, but by spending just a little time in checking your plan out, you can likely save money in the year to come.

The standard benefit for 2013 has changed. In looking at those changes, the deductible will be going to $325 with the initial coverage limit changing to $2,970. For those non-applicable beneficiaries, the total covered out-of-pocket threshold will be $4,750 with the total estimated covered Part D spending going to $6,733.75. The minimum cost sharing portion once in Catastrophic Coverage will be $2.65 for generic/preferred multi-source medications and $6.60 name brand/other medications. If you are receiving up to or at 100% federal poverty level benefits, then your cost for generic/preferred multi-source medications will be $1.15 with name brand/other medications costing $3.50. Those that are over 100% of the Federal Poverty Level receiving benefits will see their cost of generic/preferred multi-source medications costing $2.65 with name/other medications costing $6.60.

This is a lot of information to try and take in and make sense of. As I said before, this time of the year can be overwhelming. Take the time to look at your options. Contact your local area agency on aging counselors or feel free to contact me for help.

Be Well and Be Well Informed.