Don’t stick with the same plan when there may be a better option.
Medicare Part D is an important part of your senior healthcare coverage. But the drug plan you’re enrolled in right now isn’t necessarily the plan you’re stuck with for life.
Each year, Medicare participants have a chance to make changes to their coverage during the program’s annual open enrollment, which begins on Oct. 15 and ends on Dec. 7. The process of finding a new Part D drug plan may be a bit time-consuming, so here are a few signs that it could pay to switch up your prescription coverage.
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1. Your medications are getting more expensive
Medicare Part D plans use formularies to group drugs into different tiers, and each tier comes with an associated cost. It may be that your prescriptions are being bumped into a higher tier for 2025. If that results in higher copays, it pays to shop for a new plan and see if there’s one that allows you to pay less out of pocket.
The good news is that Medicare’s Plan Finder tool helps you narrow down your choices based on your actual prescriptions. You’ll be asked to enter the names, dosages, quantities, and frequencies of the drugs you take. From there, you’ll get to see what your actual drug costs look like under different plans so you can make an informed decision.
2. You’re taking new medications
It may be that your provider wants to start you on a new medication in the new year. That’s a good reason to consider a Part D switch.
It may be that your current drug plan places your new medication in a favorable tier. But it’s important to at least compare your choices and see if another plan is a better fit.
3. You’ve stopped taking certain medications
It’s not uncommon to choose a Part D plan based on your prescription costs under that plan. But if you’ve stopped taking certain medications, it’s worth looking around to see if there’s a more cost-effective option based on your remaining prescription lineup.
It may be that you were paying a slightly higher premium for your Part D coverage in exchange for lower copays. If those copays no longer come into play, then you might fare better with a different plan.
4. You’re struggling to find in-network pharmacies
It’s common for Part D plans to require participants to fill prescriptions at in-network pharmacies. Using an out-of-network pharmacy could lead to higher costs — and in some cases, make it so your medications aren’t covered by an insurer at all.
If you find it difficult to find in-network pharmacies that are easy to get to, then you should look for a different Part D plan for 2025. You don’t want to risk missing doses because you couldn’t get your prescriptions filled in time.
The idea of shopping for a new Medicare Part D plan may not excite you, but it’s an important step worth taking. Switching plans for 2025 could not only leave you spending less on medication, but also make those prescriptions easier to fill.
