November 04, 2022
This time of year, Medicare's open enrollment period lasts from October 15 to December 7, 2022, allowing patients to evaluate their healthcare needs. Riverside Village Pharmacy is committed to helping patients access affordable prescription plan coverage via Medicare Open Enrollment Consultations.
As you make decisions about your plan, there are several terms that may not be familiar. Riverside Village Pharmacy is here to help you make an informed decision when choosing a Medicare health insurance plan. You will likely come across the following terms:
Medicare – Medicare.gov defines Medicare as a Federal health insurance plan for:
If you fall under any of those categories, you are eligible for Medicare prescription plan coverage.
Medicare Part A – a plan that covers most of your inpatient/hospital care.
Medicare Part B – provides extensive coverage for outpatient/ medical coverage.
Medicare Part C – refers to Medicare Advantage plans offered by private companies approved to service Medicare patients. Medicare Advantage plans combine Medicare Parts A, B, and D, providing access to an extensive network of trained health professionals.
Medicare Part D – provides coverage for prescription drugs. You can change Part D plans during the Medicare open enrollment period.
Open Enrollment Period – an annual timeframe to assess your current healthcare plan & determine if you need to switch to a better option.
Coverage Gap, aka Donut Hole – Most Medicare Part D drug plans have a coverage gap. This gap is a set dollar amount at which a plan will no longer cover the cost of your prescriptions. For example, for 2023, Medicare part D will cover prescription expenses once you reach $4,460. Once you spend $7,400 in out-of-pocket costs for the year, your plan will resume covering your prescription drugs.
For customers who wish to stay with Riverside Village Pharmacy, we are happy to help find coverage compatible with our location. Completing a Medicare Consultation ensures you can still come to us for all your prescriptions and refills.
Consider the following when choosing a new Medicare plan:
Choosing health insurance is no easy task, and we hope to assist you throughout the process. Our Riverside Village Pharmacy staff is here to help you review your Medicare plan options. On average, patients who opt to do a plan review save over $1,100 per year. Schedule a Riverside Village Pharmacy Medicare Plan Review Session today to keep yourself healthy and well-protected from medical expenses.