I met with a woman recently who thought she needed to have her drug plan coverage through the same insurance company that she had her Medicare supplement coverage. As a result, she ended up with a drug plan with a very high premium that she didn’t need because of her particular list of drugs.
If you are on a Medicare supplement, selecting your stand-alone drug plan should be based on the specific drugs/dosage/quantities you take. It is an anomalie for an individual to have the same insurance carrier for their drug plan and Medicare supplement plan.
Before recommending a drug plan to my clients, I list each of their drugs by name, dosage and quantity on www.Medicare.gov. If there is a generic or a lower cost substitute available, I make them aware of it. We then review the plans available to them to determine which drug plan will most cost effectively cover all their prescription needs.
Each year there is an Annual Enrollment (10/15-12/7). Make sure to check and see that all of your drugs will be covered, at what cost, and at what increase in premium. By inputting your information onto www.Medicare.gov, you will then see whether you should stay on your current drug plan for the upcoming year or switch to another carrier.