Medicare Open Enrollment: Importance of Part D
During Medicare's open enrollment period, which runs until December 7, it is crucial to pay extra attention to prescription drug coverage, or Part D, as failing to do so could result in significant costs.
The lowest premium for Part D might not necessarily save you the most money, as copays and other factors should be considered. It is essential to review and do the math to ensure you are making an informed decision.
- Insurers adjust copays, premiums, and formularies annually.
- Changes can also be made to preferred pharmacies and in-network providers.
- Medications can be regrouped and repriced, affecting your costs.
Be a smarter, better informed investor.
Author's summary: Review Part D carefully during Medicare open enrollment.