What if I told you that you could possibly save several hundred dollars next year with minimal time and effort? Would you be willing to spend a few minutes in front of your computer to find out? Then read on….!
With the Annual Enrollment Period upon us, I want to explain an opportunity where seniors can save money over the upcoming year on their drug costs.
On October 1st, all the Part D drug companies release their new drug plans for the following year, and there are often changes to drug formularies, monthly premiums, copays, and deductibles. This is a great time to review them, because beginning October 15th and continuing until December 7th, you are allowed to change your Part D plan.
- Simply go to the medicare.gov website and under the plan finder tool, enter all your drugs, zip code, and pharmacy preferences.
- You will then be able to see side-by-side comparisons of the yearly costs for all the plans in your area; if you determine another plan will be more cost-effective, you may enroll right from the website, and that new plan will become effective January 1.
- Don’t want to fool with doing this yourself? You can also call Medicare at 1-800-MEDICARE and they can do all this for you.
Many of our clients have saved $200-$500 or more annually by simply taking the time to shop. Think about what you can do with the extra money….how about more travel, more fun, or more for the grandkids’ college fund…the list goes on and on. In retirement, the key is being a proactive consumer; by investing some time each fall and utilizing tools readily available, it is possible to know you are making the most of your healthcare dollars.
Do you have questions? Let us help! Tom and I truly enjoy assisting seniors every day with all the unique challenges that come with healthcare in retirement.