With the Medicare Annual Enrollment Period coming to a close on December 7th, I have some important info for everyone that may prevent you from having hundreds (if not thousands) of dollars out of pocket for 2014.
Many Medicare recipients who like their current prescription drug plan coverage make the decision to just let their plan renew for the coming year without reviewing the Annual Notice of Change packet they received from the company in late September. It is OK to let your plan renew for the new year, but at a minimum I highly recommend that you review the plan’s formulary list (a list of medications that they will cover) to make sure that the medications you take will be covered. Don’t assume that just because your medication was covered by your plan in 2013 that it will automatically be covered for 2014!
I recently met with a gentleman who had not reviewed his formulary list and was going to just continue his plan into 2014. After recommending he review the list, he found that his Januvia had been dropped off the formulary for 2014. Had he not caught this and switched to a different plan, he would have been stuck with paying for this medication out of pocket for the entire year…at a cost of $300/month.
So take 10 minutes right now and review your formulary list or call the customer service number on the back of your id card and they can check for you. Your wallet may be very happy you did!
