Are Your Prescriptions Still Covered? How to Review Your Part D Plan

Each year, Medicare Part D plans can change their formularies, premiums, deductibles and pharmacy networks, meaning the medication you filled last month at a predictable cost may be covered differently starting Jan. 1. For beneficiaries managing ongoing prescriptions, those changes can add up quickly across a year of refills.

Why an Annual Review Matters

Part D plans are not locked in place year to year. Plans notify members of next year’s changes each fall through an Annual Notice of Change. If you skip the review period and your medications have moved to a higher tier or been removed from your plan’s formulary entirely, you could unexpectedly face higher out-of-pocket costs.

Key Factors to Evaluate

When comparing your current plan against available options, pay attention to these specifics:

• Formulary placement: Check whether your medications are still covered and at which tier, since this classification affects what you pay per refill.
• Preferred pharmacy networks: Your plan may have changed which pharmacies offer the lowest cost sharing.
• Deductible amounts: Review whether your plan’s annual deductible has increased.
• Total annual cost: Add up premiums and estimated cost sharing across all your prescriptions, not just the monthly premium alone.
• Out-of-pocket cap: Medicare limits what you pay each year for covered Part D drugs. Check how quickly your medications would reach that cap under each plan.

How Our Team Can Help

Sorting through plan options during Medicare’s annual enrollment period can be manageable with the right support. Our team can help you review your current prescriptions alongside available Part D plans in Champaign, IL to identify options that align with your medication needs. We walk you through formulary details, pharmacy preferences and cost structures so you can make an informed decision before enrollment closes.

Contact Praireland Insurance Group to schedule a plan review.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.