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Why Your Medicare Part D Plan May Not Be The Best For You Next Year

By: Michael Chamberlain CFP(R)

Medicare Part D drug plans provide drug benefits to millions of seniors. One problem with the design of Medicare Part D is that the insurance companies that sell the plans often make changes to the plans for the following year. These changes plus changes in your circumstances could mean that the best Part D plan this year may not be best next year. Having the wrong Part D plan can cost you over $1,000 a year.

You cannot assume that the Part D plan you are on this year will be the best one for you in the following reasons:  

Changes you have made in the past year:

1.  Changes in the medications you take- You may have new medications or have dropped others that you no longer need.  This would impact which plan is best for you.

2. Change the Pharmacy you use. With some plans, you get the best price on drugs by using a specific pharmacy. Changing where you get your drugs could impact the best plan for you.

3. You have moved to a new area. Not all plans are offered everywhere, so if you have move