Top 5 Mistakes When Comparing Drug Plans on Medicare.gov

2:18 Entering Drugs in #medicare .gov
2:58 Mistake 1- Entering the wrong dosage can be easily done when there are similar combinations and options for some common drugs.
6:33 Mistake 2- Not Paying Attention to Preferred Pharmacies: Overlooking the status of preferred pharmacies can lead to higher out-of-pocket expenses if one's pharmacy is not preferred.
7:40 Mistake 3- Comparing the Wrong Plan: Users may make the mistake of comparing plans with similar names but different contract numbers and plan ID numbers, leading to inaccurate comparisons.
10:56 Mistake 4- Failing to Check Medication Formulary: Neglecting to review the formulary can result in unexpected changes in medication coverage and costs.
13:25 Mistake 5- Ignoring Changes in Deductibles: Changes in deductibles should not be ignored, as they affect the initial costs users must cover before their insurance kicks in.
16:20 Preferred pharmacies can change yearly. How one client saved $1,600 by changing pharmacies.
20:02 What you should do with your Medicare Supplement during Annual Enrollment

Presented by Suzanne McClain, viewers are guided through the process of reviewing and selecting Medicare prescription drug plans for the year 2024 on the official Medicare website, medicare.gov. The video provides step-by-step instructions to help individuals navigate the website effectively and avoid common mistakes during the Annual Enrollment Period (AEP). Here is a summarized overview of the key points and the highlighted mistakes from the video:

Accessing Medicare Website: Users are instructed to go to medicare.gov, which is a government website.

Selecting Plan Year: The video emphasizes clicking on "preview 2024 plans" to initiate the review of Medicare plan options for the upcoming year.

Entering Personal Information: It is crucial to input the correct zip code, matching the legal residence, to ensure accurate plan recommendations.

Choosing Plan Type: Users can select the type of plan they wish to review, such as Medicare prescription drugs.

Indicating Financial Assistance: The video advises users to specify whether they receive financial assistance from programs like state Medicaid or extra help, or select the appropriate option if not.

Reviewing Drug Costs: Users are encouraged to opt for viewing the drug costs to make informed comparisons.

Entering Prescription Drugs: Accurate entry of current prescription drugs is stressed, using the information from medication bottles.

Paying Attention to Dosages: Users should ensure they select the correct dosage for each medication to get accurate cost estimates.

Selecting Preferred Pharmacies: The choice of preferred pharmacies can significantly impact costs; users are reminded to make an informed selection.

Checking for Changes in Medications: It is vital to review the formulary to confirm that current medications will be covered in the coming year.

Considering Deductibles: Deductibles associated with the selected plan should be taken into account when comparing options.

Comparing Plans: Users should compare the total drug and premium cost for each plan to determine the most suitable option for their needs.

Confirming Plan Details: Attention to detail is crucial; users are advised to double-check the plan ID number to ensure they are comparing their current plan accurately.

Checking Preferred Pharmacies: Users are reminded to confirm that the chosen pharmacy is a preferred one, as this can significantly impact overall costs.

The 5 Mistakes Highlighted

1. Comparing the Wrong Plan: Users may make the mistake of comparing plans with similar names but different contract numbers, leading to inaccurate comparisons.

2. Failing to Check Medication Formulary: Neglecting to review the formulary can result in unexpected changes in medication coverage and costs.

3. Not Paying Attention to Preferred Pharmacies: Overlooking the status of preferred pharmacies can lead to higher out-of-pocket expenses if one's pharmacy is not preferred.

4. Ignoring Changes in Deductibles: Changes in deductibles should not be ignored, as they affect the initial costs users must cover before their insurance kicks in.

5. Not Considering Plan Details: Careless omission of plan details such as plan ID numbers can result in inaccurate comparisons and decision-making.

This is a comprehensive guide for individuals navigating the Medicare website during the Annual Enrollment Period. It underscores the importance of accuracy in entering medication details and understanding plan specifics to make well-informed decisions while avoiding common mistakes that may lead to costlier and less suitable plan selections.

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