2. Not reviewing changes to your existing coverage
Whether you’re enrolled in Medicare Advantage or have a Part D drug plan, your plan is required to notify you of any changes it will be implementing for the upcoming year. Neglecting to read through those changes could cause you to make poor decisions when selecting your coverage.
Imagine your current Part D plan is bumping one of your prescriptions into a higher tier, resulting in higher out-of-pocket costs for you. If you don’t read up on that change, you might assume that you’re best off keeping your existing plan, when in reality, there may be a cheaper plan that categorizes your prescription more favorably.
Furthermore, you may be paying for a Medicare Advantage plan that offers a nice set of supplemental benefits. But if some of those benefits are going away, that higher premium may not be worth it. That’s why it’s essential that you read up on any changes that are coming down the pike.
3. Not taking medication changes into account
Maybe your Part D plan isn’t changing at all. But what if your medications have changed? It could be that you’re no longer on the most suitable plan given your specific needs.
If you’ve changed medications, it’s a good time to compare Part D plans and see what coverage they offer. It may be that you’ll save money by moving to a different plan.
