Hi, Suzanne McClain here. Today we’re going to talk about one of the biggest mistakes people make when choosing a Medicare Part D plan, the prescription drug plan.
One of the mistakes that I have seen is, clients are already on a part D plan, and they’d really don’t like change. So they may or may not check to see if their prescription drugs are still on the formulary or are covered by their current plan, for the following year.
One thing that I do for my clients each year is I give a review to my clients. I review their prescription drug coverage to make sure they’re on the correct plan for their prescriptions.
About a year ago I had a client come in, and I put his prescriptions in the system to find which drug plan was the best for him. He was on an expensive medication and what I had found was that the expensive medication he was on for the next year, they had taken that prescription off of their formulary. When I ran all the medications and looked at all the different plans in his area, if he would have stayed on his current plan he would have paid about $10,000 more that year, for his medications. Because he would have been paying cash out of pocket for that particular medication, that had fallen off the formulary for the following year. So instead we moved him into a plan that now covered that medication.
It is very important you check to make sure your plan covers each of your medications on their formulary. I hope you have found this helpful, below this video is a place for you to put your email address in and will start sending these helpful videos out to you thank you!