The month of November signifies the beginning of enrollment for Medicare. This year, Medicare's open enrollment period lasts from October 15 to December 7, 2022, letting you choose the right plan. With so many plans, how do you know the best coverage and cost savings? DSD Pharmacy is committed to helping patients access affordable prescription plan coverage via Medicare Open Enrollment Consultations.
Understanding Medicare Open Enrollment
As you choose your plan for the upcoming year, you may encounter unfamiliar insurance terminology. DSD Pharmacy will help you make an informed decision when selecting a 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:
Those who are 65+ years old
Younger patients with a disability
Patients suffering from kidney failure and require dialysis or a kidney transplant
If any of these apply, you are eligible for Medicare prescription plan coverage.
Medicare Part A – provides coverage for both inpatient and hospital care.
Medicare Part B– this insurance plan covers outpatient and medical expenses.
Medicare Part C – Medicare Advantage plans are offered by private companies that are approved to service Medicare patients. Medicare Advantage plans are often a combination of Medicare Parts A, B, and D and grant you access to a network of healthcare providers within the plan.
Medicare Part D – covers prescription drugs. You can change Part D plans during the Medicare open enrollment period.
Open Enrollment Period – refers to the time when patients can change or upgrade their coverage plans.
Coverage Gap, aka Donut Hole – Most Medicare Part D drug plans have a coverage gap. This gap is a set dollar amount at which a plan will no longer cover your prescription drugs. For example, for 2023, Medicare part D will cover prescription expenses after you've reached the $4,460 mark. After you've spent a minimum of $7,400 in out-of-pocket costs for the year, your insurance will resume covering your prescriptions.
Choosing the Right Medicare Prescription Plan for You
Completing a Medicare Consultation ensures you can still come to DSD Pharmacy for all your prescription needs.
Here are a few things to consider when choosing a new coverage plan:
Do your healthcare providers accept this coverage? Make a list of all the doctors you see regularly and confirm they are contracted with your new plan.
Are your daily medications covered by this plan? You can get a list from our DSD Pharmacy staff to accurately list the medicines you need to check prescription coverage options.
Will there be any out-of-pocket expenses for your prescribed medications?
What fees can you expect? Depending on whether you need to see a primary care provider or a specialist, some plans may have different copays.
What other types of coverage come with the plan? Some Medicare plans may include dental and vision coverage, and other plans may require you purchase those additional coverages separately.
Get help with Medicare Plans at DSD Pharmacy
Choosing your Medicare insurance can be stressful, and DSD Pharmacy is here to assist you with every resource necessary to make an informed decision. On average, patients who opt to do a plan review save over $1,100 per year. Don't go at it alone or miss an opportunity to save money; book a DSD Pharmacy Medicare Plan Review Session today.