Many Medicare Beneficiaries are not aware of these two important facts. If that includes you,then you may be over paying for your health care.

First Fact: Annual Open Enrollment Periods DO NOT apply to Medicare Supplement Plans.

Medicare Supplement Plans are not subject to any annual enrollment periods.You are free to change your plan any time of the year.

Not being locked into a particular plan for a year means that you can look at plans and premiums from different companies all year long. If there is a plan that is better for you, you do not have to wait to change. You can start saving money right now.

Second Fact: Medicare Annual Open Enrollment Period DOES pertain to Part D Prescription Drug Plans

Part D Medicare Prescription Plans(PDP) are Medicare approved plans offered by private insurance companies.
They vary in regards to monthly premium, deductible, and co-pays.Medicare requires that all of the approved plans cover certain drugs. Each plan has a unique formulary. A formulary is a list of drugs that the plan covers and where the specific drugs fall on the co-pay tiers.

We recently conducted a test study using a listed we created which included 4 generic drugs and 1 brand drug. Our study looked at the cost for a year for 27 plans available in the county we picked. We found that for the same list of drugs the cost ranged from $ 734 on the low end to $ 2623 on the high end.

Being in the wrong PDP can really impact your bottom line.

Since you can only make changes during Annual Open Enrollment, take steps to insure that you don’t forget to compare the plans that are available for the coming year using your own personal drug list.

I hope that these 2 items about Medicare will help you save some time and keep more of your
money in your pocket.