Each year between October 15^th and December 7^th Medicare participants can reevaluate their health insurance coverage options during the Medicare Open Enrollment Period. Medicare health and drug plans can make changes each year, so it is important to examine your current plan to see if it is still the best and most economical choice to meet your needs.

These health and drug plans can change their coverage, cost, and which providers and pharmacies are in their networks. Part D prescription plans can also change their monthly cost, deductible, and charge for specific prescription medications.

If you are in a Medicare health or prescription drug plan you should always review the materials that your plans send you. Each October, you should receive Evidence of Coverage (EOC) and Annual Notice of Change (ANOC) reports for the next year. You can review the EOC and ANOC to make sure that your current coverages will still meet your needs. Medicare plan information is available at Medicare.gov.

Even with both a medical and financial background I find doing this myself is too complex and confusing. I recommend working with an insurance professional who specializes in health insurance and Medicare. They have specialized software to help you evaluate your current coverage and compare new offerings.

A real-world example

A real-world example from my own experience this year is eye-opening. I have Arkansas BlueMedicare Saver Rx PDP (part D plan) for my Medicare prescription benefits. This plan was not going to be offered in 2023, and my agent evaluated the best options for me. I take three prescription medicines; two that are very expensive. The results of her research surprised me. Here is the research output.

The BlueMedicare Value RX replacement plan for my current plan was $9,000 per year more expensive for me than two other options! ($12,574 vs. $3,535 annual out of pocket cost). The other two plans have significantly lower charges for my specific prescriptions. 

Your research may not show such striking differences, yet it may be worth your time to review your coverage. I hope you will consider taking advantage of the Medicare Open Enrollment period to make sure you are in the best, most cost-effective plan for you.

We are thankful for your trust in the Arkansas Financial Group. Please email or call if you want to set up a meeting or talk by phone.

Ralph Broadwater, M.D., CFP®

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