Changing Prescription Drug Plan Is an Option During Open Enrollment

One of the options that enrollees in traditional Medicare and Medicare Advantage have during the Open Enrollment Period Oct. 15 – Dec. 7 is changing their Medicare Part D prescription drug plan. A prescription drug plan is independent from traditional Medicare while many Medicare Advantage plans include a prescription drug plan. Be sure you understand how your prescription drug plan is provided.

Seniors who did not enroll in a prescription drug plan when initially signing up for Medicare face a financial penalty if they decide to later to obtain a prescription drug plan. Rough estimates are: $56 in year two; $89 in year 10; $160 in year 20. Premiums for Medicare Part D are expected to rise in 2025. Be sure to shop for your best value for your prescription drugs plan on www.medicare.gov.

Each drug insurance plan decides whether a deductible is required. Most standalone Part D plans
have a deductible. It is anticipated there will be further retail drug prices increases in 2025.