It is important to compare options for your Medicare prescription drug plan, also known as Medicare Part D, during the open enrollment period that runs from Oct. 15-Dec. 7 each year. There are no requirements for you to compare your options; however doing so could save you money. Let us review some of the other advantages to comparing your options during the open enrollment period.

– Your current prescription drug plan could change due to a number of factors and result in greater out-of-pocket costs. Some of those factors include:

– An increased monthly premium amount.

– A higher deductible – in 2017, more than half of the prescription drug plans available to North Dakota beneficiaries had the highest allowed deductibles.

– Changes to a formulary – any medications covered by your 2018 prescription drug plan are subject to change and may not be included in the 2019 formulary under your prescription drug plan; this may result in you having to pay full price for your prescriptions.

Each year, Medicare approves new prescription drug plans to be offered by insurance companies for North Dakota beneficiaries. These plans can change and these changes can result in greater costs to you, the beneficiary. The number of plans available has steadily dropped over the years. For example, in 2010, there were 46 plans available to North Dakota beneficiaries, whereas only 23 plans were available in 2017. Additionally, if the company you have a 2018 prescription drug plan with does not offer the same plan in 2019, they may automatically place you in another plan that they offer if you do not take action first. This change may not fit your needs and could result in greater out-of-pocket costs.

Participating in the annual enrollment period and completing a prescription drug plan comparison provides you with the opportunity to review your current plan or select a new plan that will be the best fit for you. These plans can be very different based upon current medications and pharmacies used.

Completing a prescription drug plan comparison during the annual enrollment period is easy and there are variety of ways in which beneficiaries can do so. Individuals can:

– Attend one of the North Dakota Insurance Department’s free Medicare Part D Annual Enrollment events hosted across the state from Oct. 16-30. More information about these events can be found online at www.nd.gov/ndins or by calling 328-2440. Volunteers will be available to assist you and answer questions.

– Call the Department’s State Health Insurance Counseling (SHIC) program at (888) 575-6611.

– Dial 2-1-1 and submit your information over the phone starting on Oct. 1 through Nov.16.

– Visit www.medicare.gov to submit your information.

No matter what method you choose, be sure to have the following items available:

– An up-to-date list of current medications including the medication name, dosage and number of times taken each day. If the medication is a liquid, such as insulin or eye drops, or if it is delivered by an inhaler, please be sure to specify how long each container lasts.

– Medicare card.

– Small yellow card received from a SHIC Counselor. If you do not already have a card yet, please contact SHIC at (888) 575-6611 to receive your free card. It can help speed up the process when completing a prescription drug plan comparison.

Finally, just as important as it is for you to compare your prescription drug plan options, it is equally important to remember that the annual open enrollment period is Oct. 15-Dec. 7 and that all plan coverage begins Jan. 1, 2019.