The Annual Election period for your Part D Prescription Drug Coverage is coming up soon: October 15 through December 7. This open enrollment is your only opportunity to search for the drug card that is best suited for your prescription needs. All the cards make some changes to their formularies or plan design so everyone should search to ensure they have the best card available for their individual needs.
If you are on brand name drugs and you do not get the best drug card for your specific list of drugs, you be making a costly mistake. We have seen differences of thousands of dollars if the wrong drug card is selected.
Key changes to Part D in 2017
- Maximum Deductible increased from $360 to $400 – not all cards have a deductible, but the maximum deductible increased to $400 for those cards that do have a deductible
- Initial Coverage Level increased from $3,310 to $3,700 – this is a good change because the donut hole (aka coverage gap) will start after $3,700 based on the retail cost of the drugs, rather than $3,310 in 2016
- Donut Hole Costs reduced to 40% (brand) and 51% (generic) – this is another positive change for the individuals that do reach the donut hole. In 2017, they will pay 40% of the cost for brand name drugs and 51% the cost of generic drugs while in the donut hole, which is down from 45% and 58%, respectively in 2016. These percentages will continue to drop each year until 2020 when they reach 25% for brand and generic and effectively end the donut hole.
In September, all of our existing Medicare Supplement clients will all be receiving an email and a letter with some additional information about providing us with your latest drug list so we can analyze your Part D plan for 2017.
If you are not currently a client of Senior Advisors, you can still take advantage of a FREE Part D analysis by submitting your latest drug information to us. We will be sending more information in the coming weeks leading up to October 15.