This year, Medicare's open enrollment period lasts from October 15 to December 7, 2022. During November and December, patients can assess whether or not they require new coverage for the upcoming year. With an assortment of plans to choose from, Eden Drug ensures you can access affordable prescription plan coverage via Medicare Open Enrollment Consultations.
Understanding Medicare Open Enrollment
As you select a Medicare plan, there are several terms to keep in mind throughout your research. At Eden Drug, our team is readily available to help you pick the most cost-effective and beneficial plan. The following are keywords you'll likely see throughout your Medicare coverage research:
Medicare – Medicare.gov defines Medicare as a Federal health insurance plan for:
People aged 65 years and older
Younger people with disabilities
Patients with permanent kidney failure that requires dialysis or kidney transplant.
If any of these parameters are applicable, you are eligible for Medicare prescription plan coverage.
Medicare Part A – are plans that cover inpatient and hospital care.
Medicare Part B– cover outpatient medical coverage fees.
Medicare Part C – refers to Medicare Advantage plans offered by private companies approved to service Medicare patients. Medicare Advantage plans take elements from Medicare Parts A, B, and D and help you access a large network of top-tier health professionals.
Medicare Part D – supplies coverage for your prescribed medications. You can change Part D plans during the Medicare open enrollment period.
Open Enrollment Period – is the timeframe to assess your current healthcare plan & determine if you need to switch to a better option.
Coverage Gap, aka Donut Hole – Many Part D drug plans have a coverage gap. This gap is a fixed amount of money at which a plan will no longer cover your prescription drugs. 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 resume covering your prescription drugs.
Choosing the Right Medicare Prescription Plan for You
To continue getting your prescriptions at Eden Drug, allow us to find a plan compatible with our pharmacy. Completing a Medicare Consultation ensures you can still come to us for all your prescription needs.
When choosing a new plan, consider the following:
Will your healthcare providers accept the new one? Make sure to make a list of all your current doctors and confirm they are contracted with the plan you are considering.
Are your medications covered under this plan? Eden Drug will create a list of your medications to help you assess which plan covers the bulk of your prescription costs.
Does this plan feature any out-of-pocket expenses?
What additional fees will be added to this plan? Depending on whether you need to see a primary care provider or a specialist, some plans may have different copays.
Is there added coverage available with this 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 Eden Drug
We realize that a lot goes into making your decision to switch Medicare plans each year. Our Eden Drug pharmacy staff is here to help you review your Medicare plan options. Book an Eden Drug Medicare Plan Review Session today to save thousands on your annual medication fees.