Now that the October 15th is past, the enrollment period for Medicare D plans has now arrived. Medicare recipients that are eligible for drug coverage through Medicare need to choose a plan EVERY YEAR. This year is no exception, and it’s really important this year,
as there are dramatically different prescription drug plan premium price quotes this year for Medicare D plans. Some plans that seniors may have used for the past several years have hiked prices, while other insurance companies have drastically cut the price of their premiums.
Other Part D plans may offer much less choice than in years previous(note that Express Scripts, which services many Blue Cross Blue Shield (BCBS) plans is currently without an agreement with Walgreens pharmacies). Choice restrictions can involve anything from a strict drug formulary within the Medicare Part D plan, to restrictions on which pharmacy a senior may choose, to forcing seniors to utilize mail order for maintenance medications. A formulary is a list of drugs that a Medicare Part D insurance Plan may normally cover. It may have “preferred” drugs for one price, and non-preferred prescription drugs for a more expensive price, then another group of medications that are not covered by the plan at all.
All of these choices are important for seniors to explore when choosing a Medicare D prescription drug plan through the government this enrollment period.