News Digest August, 2021

Published: Mon, 09/13/21

The 2022 Medicare Open Enrollment is still a few months away. While I cannot predict the landscape for next year this newsletter will focus on some changes that have happened this year, and some that could impact you in any year.

My hope is this issue will be informative without boring the reader to death.

Part D Premiums and Social Security

Most of my clients prefer the convenience of having their Part D premiums deducted from their SSA benefit. This is relatively glitch-free although changing drug plans (normally for January) may result in a 30 day lag until SSA is notified of your new plan premium.

If you are not collecting SSA benefits you have the option of setting up an automatic bank draft.

Automating your premiums lessens the risk of losing your plan due to non-payment of premium.

My least favorite option is putting a check in the mail.

Changing to a New Drug Plan

Most of the time . . . changing to a different drug plan (same carrier, different plan or different carrier) is no problem if you keep the same pharmacy. Just make sure you offer your new drug plan card the next time you fill prescriptions.

Your pharmacy MAY automatically update and transfer prescriptions to your new plan if your pharmacy is IN NETWORK for your new drug plan.

If your pharmacy is not a PREFERRED NETWORK pharmacy you MAY pay higher COPAYS.
Your NEW drug plan may not operate the same as your OLD plan.

Your NEW plan may require a new authorization from your doctor, set quantity limits or require STEP THERAPY before approving your refill.

Also, your existing medications may not be on the FORMULARY for your new plan and may require an appeal for a FORMULARY EXCEPTION.

New Calendar Year, New Deductible

Medicare drug plans run on a calendar year. Most plans have a deductible. If you satisfied THIS years deductible you will start a new one in January.

The video linked below is a few years old but still is a good explanation of how Part D deductibles work.

How Does Medicare Drug Deductible Work? - GA Medicare Expert

BONUS - If you are a Costco Member you MAY find lower pricing for GENERIC and BRAND NAME drugs. You do NOT have to be a member to fill prescriptions at Costco but preferred pricing is for MEMBERS only.

https://www.costco.com/cmpp

Sam’s/Walmart may offer similar savings.

Drug Discount Plans

Most of you know I am a big fan of GoodRx. There are probably 100+ drug discount plans in the market. Many are “Texan” plans . . . big hat, no cattle.

GoodRx comes in a FREE version as well as a PAID (Gold) edition. Be sure to check prices both ways if you have a number of generic drugs.

Many pharmacy’s have discount clubs that may save even more money on select drugs.

Pets often need medications as well. Some veterinarians have meds on their website for delivery by mail or pickup at the vet office.

You may also want to check online by searching “discount pet medications”. There are 81M search results!

GoodRx also has pet meds as does Costco. https://www.goodrx.com/pets

In Closing . . .

The Medicare Open Enrollment is always a busy (and sometimes grumpy) time. This year probably won’t be any different.

Keep in mind you can change your Medicare Supplement (Medigap) plan ANY TIME. Open enrollment is probably the WORST time as everything grinds to a halt. Applications that normally take a few days January thru September can easily take 2 months (or longer) when submitted during October, November or December.

Here comes the shameless plug. Please share this newsletter with your friends who probably don’t have an agent who keeps them informed about changes.

Referrals are ALWAYS appreciated. Feedback is welcome.

Bob

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