Medicare Part D drug plans are the moving target with Medicare planning. What’s that mean? That means that, throughout the year, you might remove or add prescribed drugs to your regimen, whether they be oral, topical or self-injectable prescribed meds. When you start a drug plan, you must keep it through the end of the calendar year.
Fortunately, you have the opportunity to request a new drug plan every upcoming year. You can make this request to change your drug plan every year between October 15th and December 7th (Pearl Harbor Day—Thanks all you vets!). Your newly selected drug plan will then be effective January 1st of the upcoming year.
If you have an individual or group health plan before getting Medicare, your prescribed drugs normally have the same level copays throughout the year—lower, level copays for most generic drugs, and higher, level copays for brand-name drugs and the more expensive generic drugs.
However, Medicare drug plans can have much higher, varying drug copays throughout the year than the plan you had before getting a Medicare drug plan.
For these reasons, it is very important that you consult with your doctor (not with us) about 4-6 months before turning 65 so that he/she can review your drug regimen to confirm that your prescribed drugs are the most effective and least expensive drugs possible.
Sometimes, there are not any less expensive alternatives for certain drugs you are taking. Once your doctor reviews your drug regimen and if he/she suggests less expensive drug alternatives, we will recommend for you the specific Medicare drug plan that will allow you to spend the least amount out of your pocket for the combination of your drug plan premiums, deductible and copays.
Also, those not yet on Medicare many times can take advantage of drug manufacturer’s discount coupons which have very low copays for very expensive drugs. But once you have a Medicare drug plan, federal law usually prohibits you from continuing to use drug manufacturer’s discount coupons. For those on high-priced drugs, this is like a bucket of ice water in your face. Our job is to make you aware of the least expensive ways to get your real expensive drugs. Bottom line: If you take expensive meds, see your doctor 4-6 months before you qualify for Medicare to see if your doctor will recommend any less expensive drugs for you.
Once you give us the exact name, dosage, quantity and frequency of each of your prescribed drugs (oral, topical and self-injectable), we will explain to you which Medicare drug plan will allow you to spend the least amount out of your pocket throughout the entire calendar year.
