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Medicare Open Enrollment and Prescription Drugs

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Medicare Open Enrollment and Prescription Drugs

Tracy Keibler

Medicare Open Enrollment happens between October 15 - December 7 every year.  It is an important time for re-evaluation for Medicare beneficiaries who have trouble paying for their prescription drugs.

While only 10% of Medicare beneficiaries switch their supplemental coverage carrier during open enrollment time, re-evaluating one’s plan is particularly important when you take multiple prescription drugs. The more expensive your medications are, the more important it is to examine your insurer's formulary.  Each insurer has their own prescription drug formulary and the cost of drugs can vary significantly from plan to plan. One client found over $1,300 in price variance between his current plan and another. In addition to the drug savings, he discovered that switching plans would lower his premiums, co-pays and other out-of-pocket costs.

If you would like to evaluate your options during open enrollment, there are a number of options available to you. The Senior Linkage Line, 1-800-333-2433, has a call center staffed with Medicare experts to help walk you through your decision options. You can also call ApparentPlan and one of our benefits counselors will be happy to assist you.