Part D Prescription plan for 2024-- check to be sure you still have the best plan for you!

[pearlsngems]

Here's my Public Service Announcement!

I just want to remind everyone who has a Part D Medicare prescription plan to check to make sure the Part D plan you had in 2023 is still the best plan for you, for 2024. (Open Enrollment begins today.)

Don't assume it will still be the best plan. Part D plans change every year. Sometimes by a lot.
If you don't enroll in a new Part D prescription plan for 2024, you will continue to be enrolled in the same plan you have had in 2023 by default. If that is still the best plan for you, you don't have to do anything.
If you do find a better plan for 2024, enrolling in it will automatically dis-enroll you from your old plan, come January 2024.

The Part D plan I had in 2022 and 2023 would have doubled my yearly medication costs in 2024 if I stayed with it. Have to admit, I was shocked by the increase. (And very glad I logged into Medicare to check!)
Fortunately I found a plan for 2024 that is quite a bit better for me-- it will cost me even less than the plan I had this year. And I did not have to change pharmacy.
("Better" will have a different definition for everyone, of course; the best plan for you may not be the least expensive one. But it's still important to check).

To check on your Part D plan and see if there is anything better for you, just log into your account at Medicare.gov, and click on "look for plans".
It takes very little time and can save you money.

 

[pearlsngems]

There is a "gotcha" to watch out for if signing up with Wellcare for their Part D plan that charges only 50 cent/ month premium (or $0 per month, in some states), as explained in this video.

Summary: The Wellcare 50 cent/ 0 cent premium Part D plan is legit, but you should expect to get a phone call from them trying to talk you into switching from Original Medicare to a Medicare Advantage plan.

You don't have to switch, of course! You can just take the cheap Wellcare Part D plan and keep Original Medicare!

According to this video, they may not use the term "Medicare Advantage", but rather terms like "all in one plan" or "choice plan" or "all inclusive plan"-- to trick you into agreeing to switch to a Medicare Advantage plan. If you want to stick with original Medicare, just say "no."

In other words, the 50 cent plan is a marketing ploy-- it's legit, but watch out for the gotcha phone call.

 

[Piper70]

Thanks for sharing this! My MIL just mentioned something about hers on Saturday. She is not computer savvy ( or smart ). Is there a relatively simple way for me to research the various plans to help her choose? Any advice is welcome!

 

[pearlsngems]

Yes, just log in under her Medicare.gov ID. It will retrieve her information and show her current Medicare Part D plan. You can use that for reference.

Then click on "look for plans" and select "Part D prescription plans", and other Part D plans for her meds and her chosen pharmacies will be shown, from the least expensive to the most expensive. You can look at the options and help her choose the best one for her. Then click to "enroll".

 

[pearlsngems]

I forgot to add, you will then have to select how she wants to pay for it.
The easiest is to have it deducted from her Social Security payment.

 

[smitcompton]

Hi,

This is the second year I have used Medicare to compare plans. The calculations don't work for me. I had already called my part D insurer to get their new prices, but thought I should check the other plans as well. I received about 6 comparisons, all about the same cost--$17,500 plus premiums. When I called for the new prices from my present insurer, it will be under $4,000. Same thing happened last year. It doesn't seem to work for me.

My pharmacy will do the comparisons for me and send me an e-mail to show the comparisons. But I call myself and like the results better. My first month will be about 900.00 for a 3 month supply of all. I don't know where they got 17,000. for the year.

Here is what I noticed. There was very little difference in the plans. It seems like collusion with the drug companies. No competition. I know you saved, but something seems out of whack to me.

Annette

 

[pearlsngems]

That's interesting, Annette-- and it's a good thing you checked it out. My husband and I are both getting a break by switching plans, but of course this will not apply to everyone.

My purpose in posting the thread was simply to encourage everyone to check-- however it is that they check-- and not assume that their 2023 plan is necessarily going to be the best for 2024. We should all take the time to check it out, every year.

 

[Piper70]

Thanks for the information!

 

[Ann]

That's interesting, Annette-- and it's a good thing you checked it out. My husband and I are both getting a break by switching plans, but of course this will not apply to everyone.

My purpose in posting the thread was simply to encourage everyone to check-- however it is that they check-- and not assume that their 2023 plan is necessarily going to be the best for 2024. We should all take the time to check it out, every year.

Thank you for the reminder, I need to check our plans.