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.
Understanding Medicare Open Enrollment
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:
- Individuals 65 years and older
- Young patients with disabilities
- Patients with permanent kidney failure that requires dialysis or kidney transplant
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.
Choosing the Right Medicare Prescription Plan for You
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:
- Is this plan compatible with your healthcare provider? Make sure to make a list of all the doctors you see now and confirm they are contracted with the plan you are considering.
- Are all or most of your daily medications covered by this specific plan? You can get a list from our Riverside Village Pharmacy staff to accurately list the medicines you need to check prescription coverage options.
- Are there out-of-pocket expenses with this type of Medicare plan?
- What are the predicted fees? Depending on whether you need to see a primary care provider or a specialist, some plans may have different copays.
- Will vision and dental coverage be included? For example, some Medicare plans may include dental and vision coverage, while others may require you purchase those additional coverages separately.
Get help with Medicare Plans at Riverside Village Pharmacy
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.