During November, you are likely to see more and more advertisements surrounding Medicare and health coverage for the upcoming year. This year, Medicare'sMedicare's open enrollment period lasts from October 15 to December 7, 2022. With so many plans to choose from, how do you know the best coverage and cost savings? Ed Snell'sSnell's Pharmacy Shop is committed to helping patients access affordable prescription plan coverage through Medicare Open Enrollment Consultations.
Understanding Medicare Open Enrollment
Ed Snell's Pharmacy Shop wants to help you make an informed decision when choosing a Medicare health insurance plan. Keep the following terms in mind when choosing your plan:
Medicare – Medicare.gov defines Medicare as a Federal health insurance plan for:
Patients 65 years and older
Younger people with disabilities
Patients experiencing kidney failure that requires dialysis or a kidney transplant
Medicare Part A – refers to plans that cover the expenses of inpatient/hospital care.
Medicare Part B– assists with outpatient/ medical costs.
Medicare Part C – is also known as a Medicare Advantage plan and is 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 – covers the cost of many prescription drugs. You can change Part D plans during the Medicare open enrollment period.
Open Enrollment Period – an annual timeframe to assess your current healthcare plan & determine if you need to switch to a better option.
Coverage Gap, aka Donut Hole – Most Medicare Part D drug plans have a coverage gap. This is a set amount when your plan will no longer cover the cost of prescribed medications. 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 cover additional prescription costs.
Choosing the Right Medicare Prescription Plan for You
A Medicare Consultation with Ed Snell'sSnell's Family Pharmacy ensures you can still come to us for all your prescription needs.
Consider the following when choosing your coverage:
Do your healthcare providers accept the new plan? Make sure to check in with each of your doctors to discuss future coverage.
Will all your medications still be covered? Ed Snell'sSnell's Family Pharmacy will help gather a list of your medications to help you check if they are covered in your new plan.
Which medications will have out-of-pocket expenses?
What fees can you expect? Depending on whether you need to see a primary care provider or a specialist, your copays may vary from plan to plan.
What other types of coverage come with the 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 Ed Snell’s Family Pharmacy
We realize that a lot goes into making your decision to switch Medicare plans each year. At Ed Snell'sSnell's Family Pharmacy, our staff is readily available to help you make the best decisions when it comes to your Medicare plan. On average, patients who opt to do a plan review save over $1,100 per year. Don'tDon't go at it alone or miss an opportunity to save money; book an Ed Snell'sSnell's Family Pharmacy Medicare Plan Review Session today.