Questions About the New Medicare Part D Benefit Redesign? We Can Help.

Questions About the New Medicare Part D Benefit Redesign?

Medicare Part D has seen several changes this year, and it’s important to stay informed to ensure you’re maximizing your benefits and managing your prescription drug costs effectively. 

Here are the key updates to be aware of:

1. Deductible Increase   

The Part D deductible has increased to $590 for some plans in 2024. This means that you will need to pay out-of-pocket for your prescription medications until you meet the deductible amount before your plan begins sharing the cost. It’s a higher initial expense, so it’s important to plan for this increase when budgeting for your healthcare needs.

2. New Manufacturer Discount Program

A new Medicare Manufacturer Discount Program has been introduced, which may provide better savings for some prescription drugs. However, it’s crucial to avoid using your manufacturer’s discount card for the same medication, as this may disqualify you from receiving the Medicare discount. If you’re unsure whether this applies to your medication, talk to your pharmacist or one of our agents to make sure you’re getting the best possible savings.

3. Medicare Prescription Payment Plan

For beneficiaries who find it difficult to cover high medication costs upfront, Medicare now offers a Prescription Payment Plan. This allows you to spread out your payments over time rather than paying the full cost all at once. To enroll in this program, speak with your pharmacy or contact your plan’s member services department to see if this option can help manage your out-of-pocket expenses. You can always speak with one of our agents if you have additional questions. 

4. Check Your Drug Coverage

Not all prescription drugs are covered by every Medicare Part D plan. Each plan has a formulary, which is a list of covered medications. It’s important to review this list to ensure your medications are included. If your prescription isn’t covered, you could end up paying much more out-of-pocket, or you may need to explore alternative medications or plans.

5. Should you consider Medicare Advantage?

With rising costs, you might be considering switching to a different Part D plan.  During the Annual Enrollment Period, people can enroll into a Medicare Advantage with Part D.  These plans could provide better coverage for your prescriptions and lower overall costs in the long run. Be sure to weigh the upfront premium cost against potential savings on your medications. Consulting a Medicare expert can help you decide if switching to a Medicare Advantage plan will offer you more value based on your specific needs.

Be sure to review your current plan and consider all available options so you get the most cost-effective coverage for your medications in 2024. Our experienced agents can help you through the entire process. Give us a call today!