During the month of November, you've likely noticed an increase in advertisements regarding health coverage. This month, Medicare patients have the opportunity to choose their prescription drug coverage plan. This year, Medicare's open enrollment period lasts from October 15 to December 7, 2022. With so many plans, making the best decision for your health and wallet can be overwhelming during open enrollment. Health on South Rx is committed to helping patients access affordable prescription and health plan coverage through each of our Medicare Open Enrollment Consultations.
Understanding Medicare Open Enrollment
There are extensive terminologies involved in the enrollment process. At Health on the South Rx, we are here to answer any questions you might have, helping you make the best choices when it comes to your health coverage for the upcoming year. When choosing your health plan, you might see the following terms used:
Medicare – Medicare.gov defines Medicare as a Federal health insurance plan for:
Those who are 65 years and older
Young patients with disabilities
Patients suffering from permanent kidney failure and require dialysis or kidney transplants
If any of these are applicable, you are eligible for Medicare prescription plan coverage.
Medicare Part A – plans that cover any inpatient or hospital care fees.
Medicare Part B– covers outpatient and medical coverage.
Medicare Part C – refers to Medicare Advantage plans offered by private companies approved to service Medicare patients. Medicare Advantage plans are often a combination of Medicare Parts A, B, and D and grant you access to a network of healthcare providers within the plan.
Medicare Part D – provides coverage for your prescription drug costs. You can adjust Part D plans during the Medicare open enrollment period between November and December.
Open Enrollment Period – this is the annual timeframe to reevaluate your current healthcare plan & determine if you need to adjust your coverage plan.
Coverage Gap, aka Donut Hole – Most Medicare Part D drug plans have a coverage gap. This gap is a set dollar amount at which a plan will no longer cover your prescription drugs. For example, for 2023, Medicare part D will cover prescription expenses once you reach $4,460. Once you spend $7,400 in out-of-pocket costs for the year, your plan will resume covering your prescription drugs.
Choosing the Right Medicare Prescription Plan for You
If you want to continue getting your prescriptions from Health on South Rx, we are happy to help you choose the best plan and continue visiting our location. Completing a Medicare Consultation ensures you can still come to us for all your prescription needs.
Things to consider when choosing a new plan include the following:
Are your current providers accepting the new plan you've chosen? Make sure to make a list of all the doctors you see now and confirm they are contracted with the plan you are considering.
Does this plan cover your necessary medications? You can get a list from our Health On South Rx pharmacy staff to accurately list the medicines you need to check prescription coverage options.
Which medications will have out-of-pocket expenses, and how much will they cost?
Will your fees increase or decrease with your new plan? Depending on whether you need to see a primary care provider or a specialist, some plans may have different copays.
Will you gain additional coverage with this plan? For example, some Medicare plans may include dental and vision coverage. Meanwhile, other plans may require you purchase those additional coverages separately.
Get help with Medicare Plans at Health on South Rx
We realize that a lot goes into making your decision to switch Medicare plans each year. At Health on South Rx, our staff is here to help you review your Medicare plan options. On average, patients who opt to do a plan review save over $1,100 per year. Don't go at it alone or miss an opportunity to save money; book a Health on South Rx Medicare Plan Review Session today.