3 Signs You Need a New Medicare Part D Plan This Year
If you're enrolled in original Medicare, you'll need a Part D plan to cover your prescription needs. Part D plans vary in coverage and cost, and choosing one can be difficult, so if you've been on the same plan for quite some time, you may be inclined to retain your coverage rather than search for a better plan during fall open enrollment. But sticking with the same Part D plan without exploring your options could end up costing you. Here are three signs that it pays to find yourself a new Part D plan this year.
Just because your Part D plan offered certain coverage this year doesn't mean that will hold true going into 2021. All Part D plans have a formulary that groups different prescriptions into different tiers. The lower a tier your prescriptions fall into, the less money you pay for them. But Part D plan formularies can change from year to year, so it could be the case that the prescriptions you take will move from one tier to another, costing you more money. And if that's the case right now, then it could certainly pay to get yourself a different plan.
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