Review your Prescription Drug Plan every year

Transcript

I want to talk about the importance of reviewing your Medicare Part D during the Open Enrollment Period. We're only allowed, one time of the year, to review your Medicare prescription drug programs.

You have between October 15 and December 7, every year, to review your drug program. A lot of people are very satisfied with their plan, but what I want to stress is the importance of making sure that the plan that worked best for you in 2015 is going to work best for you in 2016.

There are significant changes that occur within a plan from one year to the next. Some of those changes are going to be:

• Co-payment
• Premium
• Formulary
• Deductible

What we want to do is make sure you understand the importance of reviewing your drug coverage. We have the ability to jump on a program that will review all 25 options that are available for the next year. When we run the comparison, it will show us, based on your specific medications, it will show all 25 plans, in order, according to cost.

You will be able to review those plans, and say "What is the difference between the plan that I'm on now, versus the plan that Medicare says is best for me?" Once we run a plan comparison, it will be up to you to decide if there will be enough of a savings to change.

Yesterday, I ran a comparison for an individual who only had two medications. On those two medications, the difference from the best drug plan for them, to the plan that they were on for the year prior, was $3,000, based on two medications!

So I would strongly encourage you to call one of our agents, and ask them to review your prescription drug program between October 15 and December 7. If there is another plan that's better for you, that new plan would start January 1.