TURNING 65? LET US HELP!
Are your insurance needs covered?
Are Your Prescriptions Covered in the Formulary?
Did you know that every insurance company has their own prescription formulary that only covers medications on that list? They are listed in Tiers; the lower Tiers are usually the low-cost generic drugs. As the Tiers increase so do the copays. You may be prescribed a medication that is not on the formulary list, and you would be required to pay the full cost of the medication. It is a good practice to check your insurance formulary list each year during the Medicare Annual Enrollment Period to see if any changes are going to happen on your current insurance formulary list. Keep a look out for the Evidence of Coverage (EOC) that is sent out every year in September and October by your current insurance plan.
Several Plans Cover You When You Travel
Does your insurance plan cover you when you travel out of your service area? If it is an immediate emergency that may be out of your control and needs immediate attention, then yes, you will be considered covered as an in-network patient for that situation. But if you schedule an appointment with a doctor's office, then that most likely will not be covered unless the doctor is in-network with the plan. Another reason to check your insurance plan during the Annual Enrollment Period.
The AEP starts October 15 and goes through December 7th to enroll in a new plan that will start January 1st.
How to Choose a Medicare Health Plan
Things to consider:
Timing: Are you within an Enrollment Period? Medicare only allows plan changes or plan additions during an Enrollment Period,
There are three options.
- Stay with Medicare Part A and Part B only.
- Chose a Medigap Supplement along with a Prescription Plan.
- Chose a Medicare Advantage Plan.
Of course, if you are still working or have coverage through your spouse's employer, your options are different.