Prescription drug plan premiums, deductibles, and co-pays are subject to change each year by insurance companies. This is an important time for Medicare recipients to review their current coverage, note any changes, and decide if it is still the best option for them. Switching to a different plan may result in additional funds in your pocket.Even if your medications haven’t changed, it’s a good idea to review your plan and compare it to others. Every year, insurance companies send out change notices to inform you of any changes that may occur in the coming year.
Checking all of your options, on the other hand, may reveal whether another company can provide you with even better coverage for those same medications. The most cost-effective plan for 2022 is to review your current plan and compare it to other Part D plans. Some people have saved a significant amount of money in a year simply by switching plans. Some people may struggle to pay their medication costs or monthly premiums. There are benefit assistance programmes that may be able to assist you. “Extra Help” is a programme that could reduce your prescription costs to $3.70 for generic medications and $9.20 for brand name medications.
This programme also assists with the payment of monthly prescription plan premiums, annual deductibles, and co-payments.Individuals may require assistance in paying their monthly Medicare Part B premium, which is now $148.50.
The Medicare Savings Program is a benefit assistance programme that is applied for through the state and can help with monthly premiums. Medicare Savings Programs may also cover Part A (hospital coverage), Part B (medical coverage), deductibles, coinsurance, and co-payments in some cases. The Medicare Savings Programs have specific eligibility requirements.
What can you do to prepare for the upcoming Open Enrollment Period? How can you find out if you are eligible for Medicare cost assistance? The Ark-Tex Area Agency on Aging’s Certified SHIP Benefits Counselors are standing by to assist you. Every year during Medicare Open Enrollment, we provide free, unbiased assistance with plan comparisons. Help is available over the phone, in person, or via Zoom online. Plan comparisons can be found at Medicare.gov, the official Medicare website. Our Benefits Counselors can also determine if you qualify for Extra Help or a Medicare Savings Program and assist you in applying.
To schedule an appointment, call the Ark-Tex Area Agency on Aging at 1-800-372-4464. We help people in the counties of Bowie, Cass, Delta, Franklin, Hopkins, Lamar, Morris, Red River, and Titus.
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