Written by Marv Law, Healthbridge Insurance
This Annual Enrollment Period, October 15 to December 7, it is more critical than ever to review drug coverage for plans beginning in January 2024. Medicare Members of stand-alone drug plans (Part D) have received an Annual Notice of Changes from their plan that outlines the difference in benefits for 2024 compared to this year. Many of the drug plans have increased monthly premiums, some of them nearly doubling.
In addition to increased premiums, deductibles are rising on many plans, as well as co-pays for some covered drugs. There is one positive change for those with costly medications, the ones that reach the annual Catastrophic Phase. The out of pocket expense for these drugs will decrease from approximately five percent (5.0%) of the cost of the drug down to zero percent (0.0%) for the remainder of the year. While many members will see substantial savings as a result of this change, it will also impact the design of drug plans, with some copays increasing and possibly some drugs being dropped from coverage.
With these changes, having your drug coverage reviewed and determining if you are on the right plan for your needs in the new year can be extremely helpful. Simply because your drugs are covered this year does not mean they will still be covered next year. Even for those on Medicare Advantage Plans, who pay no monthly premium, the cost of drugs can be affected from plan to plan.
We recommend reaching out to a local licensed Medicare specialist who will review plans and help you select the plan that is best suited to your needs. Another goal of these specialists is to establish relationships so they can continue to help you navigate coverages and pharmacy costs this year and into the future.
For more expert advice, reach out to Marv Law with Health Bridge Insurance by calling him at 760-345-4705 or email him at [email protected]
