The annual election period for Medicare Advantage and Medicare Part D – also known as Medicare open enrollment – will begin in just a few months. It runs from October 15 to December 7 each year, and gives Medicare beneficiaries a chance to switch to a different plan for the coming year.
According to a Kaiser Family Foundation analysis, very few Medicare beneficiaries change their coverage during the annual election period. And nearly half of beneficiaries indicated that they rarely or never compare the available options to see if there might be a better plan available. This is despite the fact that benefit modifications, premium changes, and varying prescription needs can all mean that a different plan would be a better fit.
We’re curious to know more about how our readers handle the annual open enrollment period and their prescription drug coverage. We’d like to know whether you compare your Medicare Part D options each year, or at least every few years? If you’ve never compared your options during open enrollment, is it because you don’t take any medications, or because you’re unsure of how to go about comparison shopping for drug coverage?
How often do you compare your Medicare Part D coverage options to see how the available plans will cover your prescriptions and preferred pharmacies?
I make a point of reviewing my Part D coverage options each year.
I review my Part D coverage from time to time, but not annually.
I let my Part D coverage renew each year without checking my options.
I don’t review my coverage options because I don’t understand Part D – or don’t need it.
Please take a moment to let us know what approach you take. And if you have specific questions, please feel free to leave a comment below and we’ll get back to you.