Currently, approximately 15% of the population, or about 44 million people, are enrolled in the Medicare program. Consider how Baby Boomers—born between 1946 and 1964 area reaching retirement age at a staggering rate. Because of the sheer amount of people in that age bracket there are, they are set to receive social security and be eligible to enroll in Medicare all within a short period of time. It is estimated that about 10,000 Baby Boomers retire each day. It is expected that by 2030, enrollment will rise to 79 million people. That being said, there are many people who are or are about to be enrolled in Medicare, here are some tips for choosing a suitable Medicare Part D plan.
Consider Which Drugs You May Need
If you’ve been taking a prescription for something that is long-term such as blood pressure medication or thyroid medication, consult the formulary which is a list of drugs offered on a particular plan. It may seem obvious to do so, but many people often keep their plans and coverage the same year to year without really paying attention to annual changes.
Another important detail is to try and anticipate what medications you may need going forward. We’re not asking you to be psychic here, but through your doctor’s office visits or check-ups, you may be increasingly aware of the need to deal with a medical issue that has been growing worse. For example, if you have been having increasingly worse problems with acid reflux, it’s imperative for your esophageal health and general wellbeing to take care of that if diet alone is not proving to be adequate. It’s not entirely clear if you need a proton-pump inhibitor, but you may still anticipate if it will become necessary or not. In other words, you want to keep that option open and assess if a plan will offer some kind of coverage for a drug such as Prilosec—which is a highly prescribed medication.
Cost Is Only One Aspect
It’s all too easy to focus on how much a plan will cost via its premium. Insurance can be daunting with many plans and many aspects of a plan to consider and cross-compare. After a while, you may experience a kind of fatigue or defeat in which you will resort to simply assessing how much you want to pay for a plan and pick based on the premium. While the premium for a plan is incredibly important, it’s also important to consider what the deductible and copays are for the plan. How much you need to pay out of pocket before you receive coverage is far more important than your flat rate if you’re actually using the plan. Choosing a plan with a higher premium but better coverage in the form of deductibles and copays might actually save you money in the long run.
Check Which Plans Your Local Pharmacy Covers
It’s no good to get a plan that is difficult to find a pharmacy locally which accepts the plan you have chosen. While you can cherry-pick which pharmacies you got to for what, there is an undeniable benefit to sticking with one pharmacy. Your pharmacist will come to develop a relationship with you and understand which medications you’re taking. This gives you the added benefit of having an extra pair of eyes that can alert you to any complications that any new medicines you’re taking might have with other prescriptions you have.
Benistar Post-65 Group Medical Benefits
Benistar is a leader in the administration of group retiree medical benefits. Our collaboration with consultants and brokers allows us to provide the best retiree medical and prescription drug solutions for organizations. We provide employers access to plans that will ensure that they can reward their employee’s loyalties with fantastic medical benefits.
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