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3 Reasons Why You Want to Change Your Medicare Supplement or Part D Rx Policy

3 Reasons Why You Want to Change Your Medicare Supplement or Part D Rx Policy

dreamstime_m_13142673It’s fall. The days are shorter and the nights a little cooler. The kids  are back in school, and Halloween right around the corner. October and November are big months for healthcare in the US. Medicare Annual Open Enrollment starts October 15th.  Annual Open Enrollment for the Affordable Care Act Starts November 1st.

According to the Kaiser Family Foundation in 2015, 55,504,005 people were on Medicare. Approximately 754,402 live in Oregon. Every Medicare recipient is able to change their supplemental coverage every October 15th to December 7th.

3 Reasons Why You Might Change Your Medicare Supplement or Part D Rx Policy?

1. Better price. The Medicare Supplement Market is competitive and insurance companies re-look at their rates every year, if they feel they need to adjust the premium up or down depending on their losses, they do.

2. Avoid out of network or over charges. Did the doctors, hospitals, pharmacies, etc. sign that new contract with your insurer? Insurance companies negotiate the contracts with doctors, hospitals, pharmacies, dentists, on a regular basis. Many times the contract may be changed or discontinued. Either way you could end up spending more out of pocket to see your regular doctor if he or she is now out of network. The best way you can check if you doctor is still in network with your insurer is to call the insurer.  Also often times the doctors have no idea which insurers they are contracted with, because they sign several contacts with several different insurers.

3. Are your drugs still covered under your plan? Insurance companies look at their results and may change their formulary (Medicare Part D drug list) Drug lists changes occur if the plan no longer covers a drug, a new drug is added, a drug is moved to a different cost-sharing tier, a prior authorization, step therapy restriction or Quantity Limit has been reached, or a drug as been removed from the market.How can you find out if you current drugs are still covered under the insurers formulary? Start by going to your insurers on-line directory for drugs they cover. If you do not see your drug listed call your insurer.

Why Seniors Do Not Save Money On Their Medicare Supplemental or Part D Rx?

1. Too many choices! Most people say they like to have all the choices because they feel it gives them options to get the right fit for them. But the truth is often people just do not want to take the time to do the research. In fact only about 12% of seniors take the time to compare their current coverage to other products every year and save money.

2. Afraid you will lose coverage you need! No you will not lose coverage, but it might change. Price is one of the top variables between insurers and which doctors are in network and out of network, also which type of drugs their plans will cover.

3. You would prefer to work with a trusted adviser. No problem at least for Bancorp Insurance. Our Medicare Specialists are well trained and have a combined 30 year experience working with Medicare.

Give us a call 800-452-6826. We will answer any questions you may have about Medicare and your current Medicare Coverage. Be in the 12% that actually save money and keep their current coverage. Take that cash and treat yourself to a nice dinner or a special trip.

5 Comments
  • Cora Thompson
    Posted at 21:56h, 27 September Reply

    Does anyone cover insulin? I pay a co pay of 200 DOLLARS for my 2 diabetis pens, levimere and novalog

    • tlesueur
      Posted at 23:59h, 27 September Reply

      Yes. Silverscript has a plan that does cover both Levimere and Novalog. It costs about $25.00 a month with no co-pay. If you want more information call Patti Starkey at our office 800-452-6826

  • Karlene
    Posted at 23:16h, 20 November Reply

    My husband is on victory for his diabetes. His current plan, envision rx will not be covering this med for 2017. I called them was told his provider could do a PA. They don’t look at those requests til end of December after enrollment occurs. No guarantee they will approve the victoza. Any suggestions to a drug plan that will partially cover the cost.

  • Kathleen Dawkins
    Posted at 00:59h, 24 November Reply

    How does it compare to Kaiser Medicare Part D?

    • tlesueur
      Posted at 17:40h, 29 November Reply

      Without knowing which plan you are comparing to Kaiser Medicare Part D I cannot answer your questions. We represent several different carriers. If you can give me more information I will be happy to give you a better answer, or you can call the office and speak to Patti 800-452-6826

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