“I like my prescription plan – I don’t have to pay a deductible with it!” said my client on the phone. She was about to make a $3000 mistake…
If you are a senior with Part D Prescription coverage, you are aware that every year, the companies move the medications around on the tiers, drop medications, and make other changes. These changes mean one thing – you have to check your drug costs every year!
Part D Plans are usually sold based on lowest premiums – and for seniors on a fixed income this is no surprise. However, the premium is a small part of the expense. In looking at one plan yesterday, the plan with the $23 a month premium, looked real good, compared to the plan with the $101 a month premium – except that the “expensive plan” actually saved my client $1700 in drug costs over the year. In the case of the caller above, that number was north of $3000.
If you don’t have any medications, then take the cheapest plan – but the more medications you take, the more likely you are to make an irreversible $3000 mistake – and preventing it takes 10 minutes. Just give me a call.