Comparing prescription drug plans can be a challenge, which is why it’s helpful to work with a financial advisor in NJ who specializes in Medicare. Leonard Financial Solutions will be happy to provide you with several Medicare quotes. We’ll also walk you through each plan and make sure you choose the best one for your needs.
The time to change your Part D prescription drug plan is during the Annual Enrollment Period. Schedule an appointment with Leonard Financial Solutions and let’s find a plan that works for you!
When Can I Make Changes to Medicare Part D?
Each year, Medicare opens enrollment from October 15th to December 7th. This is the time to make changes to your Medicare plan, including switching, adding or canceling any of your plans. Any changes made during this time will go into effect January 1st.
If you have a Medicare Advantage plan that doesn’t include drug coverage and you also have a Part D plan, you can make changes during the Medicare Advantage open enrollment period, which runs from January 1st to March 31st each year.
To take advantage of Medicare Advantage’s open enrollment period, you will need to do one of the following:
- Change your Medicare Advantage plan to one that includes drug coverage
- Switch from Medicare Advantage back to Original Medicare, then purchase a separate Part D prescription drug plan
As long as you like your Advantage plan and only want to change your Part D plan, it’s best to make changes now.
Choosing a New Part D Prescription Drug Plan
Insurance is confusing - we get it! That’s why we’re available for Medicare help in New Jersey. To help you find the best prescription drug plan, we recommend considering the below factors:
- Know the drugs you are currently taking. This way, you can look up each plan and make sure they cover your drugs and their specific formulas.
- Decide if you’re willing to take generic drugs. Some plans offer tiered pricing systems that offer breaks on generic medications.
- Start with a low deductible if you’re not on medication. At this point, there’s no reason to pay a high deductible, though you’ll have the peace of mind that your medications will be covered if you need them.
- For balanced costs, choose a plan with a low or no deductible. We recommend this plan for those who need to budget carefully each month.
Medicare’s Annual Enrollment Period only happens once a year! To make changes to your Medicare plan, contact Leonard Financial Solutions today.