Your Savco Pharmacy is here to help you navigate Medicare Open Enrollment
Have you noticed an increase in advertisements for new insurance plans? The month of November begins the enrollment period for prescription drug coverage plans. This year, Medicare's open enrollment period lasts from October 15 to December 7, 2022. Finding the best plan to fit your individual needs is difficult with so many different coverage options. Savco Pharmacy is committed to helping patients find affordable prescription plan coverage through Medicare Open Enrollment Consultations.
Understanding Medicare Open Enrollment
As you select your coverage for the year, there may be some terms with which you are not familiar. At Savco Pharmacy, we want to help you make an informed decision when choosing your Medicare health insurance plan. So here are some words you may come across:
Medicare – Medicare.gov defines Medicare as a Federal health insurance plan for:
People aged 65 years and older
Younger people with disabilities
Patients with permanent kidney failure in need of dialysis or a kidney transplant
If you fall under any of those categories, you are eligible for Medicare prescription plan coverage.
Medicare Part A – refers to plans covering inpatient and hospital care charges.
Medicare Part B– this plan covers outpatient and medical coverage.
Medicare Part C – is another name for Medicare Advantage plans offered by private companies approved to service Medicare patients. Medicare Advantage plans are usually a combination of Medicare Parts A, B, and D and provide access to a network of healthcare providers within the plan.
Medicare Part D – provides coverage for necessary prescription drugs. You can change Part D plans during the Medicare open enrollment period.
Open Enrollment Period – an annual timeframe to assess your current healthcare plan & determine if you need adjusted coverage alternatives.
Coverage Gap, aka Donut Hole – Most Medicare Part D drug plans have a coverage gap. This gap is a set dollar amount at which your plan will no longer cover any additional charges. For example, for 2023, Medicare part D will cover prescription expenses once you reach $4,460. Once you spend $7,400 in out-of-pocket costs for the year, your plan will resume covering your prescription drugs.
Choosing the Right Medicare Prescription Plan for You
Do you want to continue getting medications from your trusted community pharmacist at Savco Pharmacy? A Medicare Consultation ensures you still have coverage and access to your daily medications.
Things to consider when choosing a new plan include the following:
Are your current health providers included in your new plan? Make sure to list all the doctors you see now and confirm they are contracted with the plan you are considering.
Will all of your current medications be covered under your new plan? You can get a list from our Savco Pharmacy staff to accurately list the medicines you need to check prescription coverage options.
Which medications will have out-of-pocket expenses?
What fees are included in this plan? Depending on whether you need to see a primary care provider or a specialist, some plans may have differing co-pay charges.
What other types of coverage will be included with this plan? For instance, some Medicare plans may include dental and vision coverage alongside your health coverage. Meanwhile, other plans may require you purchase those additional coverages separately.
Get help with Medicare Plans at Savco Pharmacy
We understand there are a number of factors that go into choosing a Medicare health plan. Our Savco pharmacy staff is here to help you review your Medicare plan options, helping you make the most informed decisions for your health and well-being. On average, patients who opt to do a plan review save over $1,100 per year. Don't miss an opportunity to save money; book a Savco Pharmacy Medicare Plan Review Session today.