Thinking of Changing Your Medicare Drug Plan?
By: Source: AARP.org Date Posted: 2006-10-24 08:24:00-04:00
Don’t hesitate. From November 15 to December 31, people enrolled in a Medicare drug plan may switch plans. To ensure a smooth transition when switching plans, it is recommended that you enroll in your new plan by December 8.
If you have Medicare drug coverage, your plan will send you a notice that tells you about any changes being made to your drug coverage in the coming year. You could find out that your plan is being terminated for 2007 or that your drug plan no longer offers exactly the same coverage you have this year. Even if your plan is still available, it may have changed what you’ll pay for the premiums, the deductible, and the copays. Plans can also add or drop drugs to the list of drugs the plan covers ( the plan’s formulary). The same goes with the plan adding or dropping pharmacies from the list of those you can use. Certain drugs may have been moved to a different pricing level (or tier), which could result in higher or lower copays.
You’ll want to look over the changes being made to your current drug plan and compare its 2007 coverage to the coverage being offered by a few other plans in your area. Medicare has an online tool that can help you make these comparisons. Or, you can call the Medicare help line at 1-800-633-4227 to get the same information. You’ll need to make a list of the drugs you are taking, their dosages, and how often you take them.
If your current coverage is still available and you want to keep it, you do not need to do anything. Your plan will send you a new card to use in 2007. When your new coverage starts on January 1, you’ll need to pay your deductible (if you have one) before your plan starts paying for your drugs again. Your countable drug spending will start at zero in the new year.
When comparing plans, ask yourself:
1. Which plan covers all (or most) of my drugs?
2. Will my current plan continue any “exceptions” I’ve received during the year to cover drugs not on its formulary without making me apply all over again? (In this case, you should call your plan and ask.)
3. Which plan covers my drugs during the donut hole (if I need this type of coverage)?
4. Which plan will cost me the least out-of-pocket over the whole year?
5. Which plan has in-network pharmacies that are convenient to me?
6. Which plan allows me to get my drugs anywhere in the country (if I need this)?
7. Which plan has the fewest restrictions (such as prior authorization) for getting my drugs?
Important Dates:
October 1—Drug plan sponsors start sending you information on their 2007 drug plans. Remember that each drug plan sponsor will promote only its own plans. To make a real choice, you need to compare them.
Mid-October—You’ll be able to compare drug plans on Medicare's web site. Medicare telephone operators will also be able to help you at 1-800-633-4227.
October 31—You should have received an Annual Notice of Change from your drug plan telling you about any changes being made to your plan in 2007. If you didn’t get a notice, call your plan.
November 15—If you want to, you can now switch plans. When you enroll in a new plan, you are automatically dropped from your old plan. People with Medicare who haven’t signed up for a drug plan may also enroll in a plan for the first time.
December 8—Target date for enrollment. If you enroll in your new plan by this date, you are more likely to receive your drug plan membership information before your coverage starts on January 1.
December 31—Last day you can switch drug plans or enroll in a plan for the first time. The next open enrollment period is November 15 – December 31, 2007.
January 1, 2007—Your new drug coverage starts.
You can enroll in a plan by:
- Going to Medicare's web site
- Calling Medicare at 1-800-633-4227.
- Calling the drug plan directly.
- Going to the drug plan’s web site.
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