How Medicare Prescription Drug Coverage Works
For those who have prescription drug coverage through Medicare, it is likely that you benefits could change every year. If this is the case, your plan will send you a notice titled the Evidence of Coverage that will tell you what the plan covers, as well as how much you need to pay, how to file an appeal, and other important information.
Your plan will also send you a notice titled the Annual Notice of Change. This document is typically sent out each fall, and it contains information regarding any of the changes that will occur in your benefits, as well as changes in the cost of your benefits, beginning the following year.
The Annual Notice of Change will also include information on any changes regarding the formulary of drugs with the benefit plan. It is important for you to read over this notice particularly carefully – especially because it could contain information about your particular prescription medications. If it does – and if it is a change that will affect you in a negative way – you may want to consider switching to a different plan that will serve your prescription needs better or in a less costly manner.
Before Making Any Changes
Prior to making any changes or plan additions, you should weigh out all of your potential options. Then, you should contact Medicare directly in order to ensure that you are taking all of the necessary steps for ensuring the right coverage for your particular needs without jeopardizing your Medicare coverage eligibility.