Reviewing your Medicare plan and drug coverage every year is critical in making sure you’re getting the best benefits as well as the lowest prices. Even if you have a competitive plan, Greater Tri Cities IPA still recommends a review because it pays to check and compare. Each year, there are slight variations in your plan that you might not even notice unless you take the time to review it regularly. So, how can reviewing your plan offer an added benefit? Here are 6 reasons why it is so important:
Reviewing Your Drug Coverage
When you first enroll in Medicare, you will receive a free Medication Finder Tool. You can use this tool to compare prescription drug costs across various plans. This can be very useful if you are currently paying high premiums for your plan or if you notice that drug costs are escalating. By comparing costs across various plans and/or drug options, you can get a better idea of which members receive the best deal on medication and which plan you should switch to.
You’ll Save Money on Drugs
When you take advantage of your plan’s prescription drug coverage, you’re able to receive lower prices on medications. This is a huge cost saver and could mean you could save thousands of dollars over the course of your retirement. If you’re on Medicare Part D, you’re eligible for reduced prices when you fill prescriptions. What’s more, some insurance companies also allow you to take advantage of generic drugs without a prescription. That’s money saved and a great benefit you can take advantage of.
What if you can’t find a cheaper provider?
If you have not been able to find a cheaper Medicare plan or a cheaper provider, then you might want to switch to your Original Medicare. Previous patients of Greater Tri Cities have realized this can balance out the cost of your monthly budget. Original Medicare will provide you with comprehensive coverage. However, you will be responsible for paying a premium. It’s important to keep in mind that the premium for Original Medicare will increase each year.
Your Plan is Competitive and Has Good Ratings
If your plan is competitive and has good ratings, it could result in savings. Even if your plan doesn’t offer the lowest prices, it could be a good plan. If you compare your drug plan with the plans offered by your neighbors, you could find that your plan is a bit cheaper all while maintaining quality primary care physicians. This is a great way to save money because you don’t have to switch doctors or pharmacies. It might be a plan that’s offered by another company.
It Helps Protect You from Fraud and Abuse
Medicare is an important government program. It’s important to protect it and make sure that you’re not taking advantage of it. If you review your plan and drug coverage annually, you’ll be able to detect fraud and abuse. This is important because you want to protect the program from those who may try to scam the system or get more than they are entitled to. Regular audits of coverage are performed by IPAs just like Greater Tri Cities, just to ensure patients aren’t committing fraud unknowingly. The responsibility of protecting yourself and others falls on everyone.
You Develop Good Habits for the Future
As you continue to work, you’ll encounter different employers and insurance plans. This is a great opportunity to develop good habits for the future. If you keep track of your plan and review it annually, you’ll be able to spot anomalies. This helps the physicians at Greater Tri Cities immensely, as the office work gets reduced the focus on quality care for children & adults.
Switching plans and/or providers might help you reach your financial goals if you’ve been struggling to pay your monthly premiums and prescription costs have become more expensive. Be aware that switching plans and/or providers might have some drawbacks too. If you do decide to switch your plans, make sure you understand the costs and larger picture associated with doing so. Other factors, such as health conditions and/or location, may also help you save money. Greater Tri Cities primary care physicians are also here to help you assess the best options for finding your personal balance between Medicare cost and quality care.
Independent Physicians Providing Personal Care Greater Tri Cities IPA is an Independent Physicians Association comprised of over 40 primary care physicians and over 100 specialists in Northern San Diego County. An independent practice guarantees independent thinking and the freedom to provide personal care. When you choose a Greater Tri Cities IPA physician, you are choosing a doctor solely committed to your well-being. We provide service in many languages and are currently accepting patients.