How to Change Medicare Prescription Drug Plan

The simplest way to change your Medicare prescription drug coverage plan is to call Medicare directly (800-633-4227). You will have to endure a recorded message, but there is a relatively short wait for a representative. The representative will quickly search all available plans in your area and provide cost and eligibility information. You can also scan available drug plans at Medicare's website (see Resources), but this is a bit more time consuming.

Instructions

When to Call

• 1

  You may only change your plan during Medicare's enrollment period, which is usually from the middle of November to December 31st each year.

• 2

  After a short recorded greeting, select the option that says change or enroll in drug prescription plan. You will be prompted to say or key-in the answers to basic questions (like your date of birth and social security number) and then a representative will come on the line to assist you.

• 3

  If you decide to compare plans on the website, click "Plan Choices" on the left side of the page. You will be directed to the Medicare Prescription Drug Plan Finder where you will be prompted to provide your medicare or social security number (they're usually the same) and other personal information.

Find the Best Plan

• 4

  Before you call, have the names of the medications and the prescribed dosage. Medicare can quickly determine if your medication is covered (brand, generic or both) under a particular plan.

• 5

  The Medicare representative will give you a comparative cost analysis of available plans, including whether a particular plan has a deductible and how much the monthly premium costs.

• 6

  Medicare will tell you how much the co-pay is for each medication you take and whether there are limits in coverage that may result in having to pay out-of-pocket. For example, if the discounted retail cost of your drugs is $500 per month to the insurer, and the insurer has a cap on how much it will spend, you may have to pay all or part of the $500 out-of-pocket some months during the year.

Why Change Plans?

• 7

  Since Medicare began offering a prescription drug plan, it has expanded the number of eligible providers. There are more options than the standard big-name health care providers. You may be able to find a plan with a lower deductible and lower co-pays.

• 8

  Your doctor may recommend a drug that is not covered under your current plan.

• 9

  Switching plans may minimize your out-of-pocket expenses overall--and during the Medicare "gap" period, in particular.

• 10

  If you decide to change plans, you do not need to call your existing provider to let them know. Medicare automatically pulls you out of your old plan and enrolls you in the new plan.