I already have a Medicare Part D plan. Do I need to fill out
any forms or sign anything before open enrollment is over on
December 7?
SEE ALSO:
Navigating Medicare Special Report
No. If you don't do anything during the open-enrollment period,
you'll continue to be covered by your current Part D plan. But it's
a good idea to check out your options, even if you're happy with
your current coverage. Insurers have been boosting premiums,
increasing co-payments, changing drugs to different pricing tiers
(a drug that had been in the preferred category may now be
nonpreferred and subject to a higher co-payment) and imposing new
rules requiring you to get preauthorization for coverage of certain
drugs. In a recent trend, insurers are creating a big pricing
difference between in-network and out-of-network pharmacies.
By not switching plans, you could be paying more than you have
to. A study by eHealthInsurance's Plan Prescriber found that 92% of
Medicare beneficiaries are not currently enrolled in the Part D or
Medicare Advantage plan with the lowest total out-of-pocket costs
available to them. If they switched to the plan with the lowest
costs for their medications, they could save an average of $668 for
Part D coverage or $612 for Medicare Advantage plans.
Although you have until December 7 to pick your plan for 2013,
be sure to leave yourself time for shopping. Last year, more than
40% of customers waited until after Thanksgiving to review their
plan options, says Ross Blair, CEO of PlanPrescriber.com. If you
haven't made your choice yet, check out the following resources
during this final week of open enrollment.
Start by checking the out-of-pocket costs for the Part D or
Medicare Advantage (Medicare Health Plans) options in your area by
using the
Medicare Plan Finder
. See
The Best Resource for Comparing Medicare Plans
for a guide to using the Plan Finder and other resources to help
you pick a plan. If you'd like personalized assistance, you can
contact your local State Health Insurance Assistance Program (get
local contact information at www.shiptalk.org ShipTalk.org or by
calling 800-633-4227).
For more information about what to look for during the
open-enrollment period this year, see
Sift Through Your Medicare Choices
and
What to Know About 2012 Medicare Open
Enrollment
.