Your Annual Medicare Review: Take Care With Part D

Until December 7, Medicare enrollees have the opportunity to review and make changes to their Medicare plans, ensuring that your health coverage meets your needs in 2025. This period is crucial for evaluating your options, particularly when it comes to Medicare Part D, which covers prescription drugs.

Why focus on Part D during open enrollment?

Medicare Part D is an essential aspect of your healthcare coverage, especially if you rely on medications to manage chronic conditions or treat new health issues. Each year, the specifics of Part D plans, such as the cost, coverage, and which drugs are covered, can change. These changes can significantly impact your out-of-pocket expenses and the quality of your care.

Fortunately for everyone, in 2025 all Medicare plans will include a $2,000 cap on what you pay out-of-pocket yearly for prescription drugs covered by your plan. So, it’s more important than ever to make sure your drugs are covered.  

Changing health needs: As we age, our health needs can change unpredictably. The medications you needed last year might not be what you need going forward. During this Open Enrollment period, take the time to assess your current health needs and any anticipated changes in the coming year.

Cost adjustments in plans: Part D plans can adjust the cost of premiums, deductibles, and specific drug prices each year. A medication that was affordable under last year’s plan might see a price increase, or perhaps a new, less expensive generic version of a drug you are taking is now available.

Formulary changes: Insurance providers frequently update their formularies (the list of medications that a Part D plan covers). A drug covered one year might be dropped the next, or covered under different terms. Ensuring that your essential medications are covered under your chosen plan is paramount.

Steps to review your Part D plan

1. List your current medications. Write down all the medications you currently take, including dosages and frequency. This list will be your primary guide when comparing Part D plans.
2. Use the Medicare Plan Finder. The Medicare Plan Finder tool is an excellent resource provided by Medicare.gov that allows you to compare plans based on your specific medications and pharmacy preferences.
3. Consider your pharmacy choices. Some Part D plans have preferred pharmacies where costs can be lower. Check if your pharmacy is preferred under different plans, or if switching pharmacies could save you money.
4. Seek professional help. If you find the process overwhelming, consider seeking help from a Medicare counselor or a trusted advisor who specializes in Medicare plans. We at Longevity Income Solutions can provide personalized guidance tailored to your specific health needs and financial situation.

Reviewing your Medicare Part D coverage during the open enrollment period is not just a routine check—it’s a critical step in managing your healthcare effectively and avoiding unexpected costs. As your health needs evolve and the landscape of Medicare changes, staying proactive about your prescription drug coverage ensures that you remain in control of both your health and your finances. Please email us at info@longevityis.com to find out how we can help.