Even if you have been happy with your coverage in 2019, be aware that insurance carriers make changes from year to year that can affect the drugs they cover and how much they'll cost you.
In addition to plans adding or dropping drugs from coverage, they also can change cost-sharing aspects such as deductibles and co-pays.
Among people age 65 and older, 89% take a prescription medicine and more than half take four or more. You can get drug coverage as a standalone Part D plan that is paired with original Medicare or as part of a Medicare Advantage Plan.The program's annual open enrollment period, when you can make changes that take effect Jan. 1, is under way and closes Dec. 7. With plans varying from year to year — including the drugs they cover and the amount you pay for them — you could be setting yourself up for financial woes if you don't review your options.
"Even if you think the plan you have right now is great, you might have a rude surprise when you get to the pharmacy in January and find out your drug is no longer covered," said Danielle Roberts, co-founder of insurance firm Boomer Benefits in Fort Worth, Texas., retirees — whose budgets often already are stretched thin — can face big differences in drug prices among plans.
Getting prescription drug coverage through Medicare is optional, although about 70% of beneficiaries have it.
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