New Year, New Plan: Medicare Part D enrollment facts to help you save in 2016

Did you know that 90% of Americans 65 and up are currently prescribed at least one prescription drug? On top of that, 39% have at least 5 prescriptions.1 There is a potential drain on finances if you don’t have the proper coverage, so knowing the facts about your insurance plan may help you save money in 2016.

As you may or may not already know, Medicare Part D open enrollment for 2016 started October 15th and continues until December 7th. During this time, enrollees have the ability to change plans if they wish. Unfortunately, studies have shown that 7 out of 10 enrollees actually don’t take advantage of this opportunity, even though it could save them money.2 Each year, the medications that are covered in your plan could change, your premiums and copays could increase, and your preferred pharmacies could be affected. Because almost every aspect of your plan (including formulary, drug prices, premiums, and co-pays) can fluctuate annually, right now is the best time for you to make sure your plan is the one that best suits your needs.

If you have discussed changing medications next year with your doctor or have switched already, it is important to make sure that these expenses will continue to be covered as well. For more details and information about why it’s important to stay up to date with your plan, click here.

During this open enrollment period, pharmacists can be a very useful resource with helping you decide whether or not to switch plans for the coming year. They have the tools and information to keep you up to date, and at Health Mart, we are dedicated to getting you the medication you need at an affordable price. Call or stop by today and speak to one of our qualified pharmacists about how you can save on your prescriptions this year!

To find your local Health Mart pharmacist and find out if your plan is still right for you, use our Store Locator.

 

1. Centers for Disease Control
2. Kaiser Family Foundation, 2014