Medicare Missive...from the Beach

Drug Plan Comp

I would like to relay the story of a long time client as I see this over and over again amongst Medicare recipients.

Stephen (not his real name) responded to one of my Open Enrollment emails suggesting he take adavantage of this time to review his current Part D Drug Plan to make sure it is the best option for him starting in January for 2023.

Like many other Medicare recipients who are currently pleased with their Part D Drug Plan, he told me that he "was good" and there was no reason to spend time or money reviewing his pan.  In fact, his plan premium went DOWN this year!

I made my standard offer to him, pay my $195 fee for a Part D plan review, and if I cannot save you at least that much, then I will refund your fee and not charge you for the review. 

With nothing to lose he he dedicided to move forward and engaged us to review his plans following the following 6 steps:

     Step #1: He uploaded his medications onto our secure server, zip code and preferred pharmacy using a secure link to our server.

     Step #2: We review the infomation provided.  Check for anomalies that could be raising out of      pocket co-pays (tablets vs capsules for instance).    Consider other non-plan alternatives for particular medications such as GoodRx.  Discuss potential Government based savings programs such as LIS and state based higher income programs when available.

     Step #3: Perform our analysis comparing ALL avaialable 2023 Part D Drug Plans in the client's county of residence (27 in this case!)

     Step #4: Compare the client's preferred pharmacy with others nearby to check for potential savings

     Step #5: Compare the client's current 2022 Part D plan to the recommended plan at both the client's current pharmacy and an alternative if the potential for cost savings exists

     Step #6: Speak with the client.  Present recommendation.  Detail potential savings.  Discuss implementation/enrollment of suggested plan.  

Summary:  As you can see from the chart below, had he decided to stay with his current plan it would have cost him an additional $9,537!!!   Same Drugs!  Same Pharmacy!

By recommending he switch from RiteAid to CVS he saves an ADDITIONAL $516!

By working with a professional he spent $195.  It saved him over $10,000 ($9537 + $516)!!!

Be very wary when someone says to you "if you are happy with your Part D Drug Plan, there is no reason to spend the time researching Drug Plans.  

Remember, the deadline to change Part D Drug Plans for most people is December 7th, the end of Medicare Open Enrollment.  Once that deadline passes you are stuck in your current plan for the duration of 2023!!!