Why Should My Prescription Drug Plan Be Reviewed?
Did you know that year-to-year…
- Prescription drug costs can change
- The in-network vs. out-of-network status of pharmacies on your Part D Prescription Drug plan can change
- Medications may change tiers on insurance carrier’s formularies
This is why we highly recommend an annual review of your stand-alone prescription drug plan or Medicare Advantage plan with prescription drug coverage (MAPD).
A full review can be a quick appointment. Often over the phone, and can help you understand changes to your current coverage. We can then review alternative plan options, if necessary.
A plan review, during the Annual Election Period (AEP) looks at your current medication list and preferred pharmacy, and compares all available plans in your area to present you with options to select a plan to meet your needs.
The Annual Election Period runs from October 15 to December 7 each year.
It is very possible you are already in the plan that works best for you. However, there are times when it’s worthwhile to review your coverage. If you have had a change in medication or if your preferred pharmacy closes or is no longer in-network with your current plan, warrants a review.
This coming AEP, with big changes coming to prescription drug plans as a result of the Inflation Reduction Act, a careful look at your Annual Notice of Change letter (ANOC) is a very good idea.
