Do you have the right plan? Shopping for health insurance is difficult even for those who are generally comfortable with financial affairs.

7 TIPS FOR CHOOSING PART D

1. Compare plans for the specific drugs you use and recheck every year.
2. Premiums are projected to rise each year, so be sure you receive value.
3. Pay attention to copayment and coinsurance. It’s the combination of copays and premiums and the deductible that impacts the total cost.
4. Over half of Part D plans (53%) charge a deductible, but that could change next year.
5. Compare the medications you need to the formulary and make sure a pharmacy near you is compatible with the plan. If you sign up for a plan that requires you to fill all your prescriptions at a specific pharmacy, you could end up paying more.
6. Don’t delay signing up when you’re first eligible, or go 63 days or more with prescription drug coverage or it may cost you more.
7. The Part D “donut hole” is gradually closing for those spending $3,310 in prescription drug costs, but most Part D plans offer no gap coverage now, and those that do provide only generic brands. Do the math.

7 TIPS FOR CHOOSING AN ADVANTAGE PLAN

1. Call your doctor to see what plan they accept, and which one they recommend.
2. Look at the plan’s entire cost, not just the premiums and deductibles. Compare out-of-pocket maximums plus copays and coinsurance for doctor visits, tests, specialists, etc. (Remember, if you are enrolled in an advantage plan, you are not eligible for a Medigap supplement policy.)
3. Check the plan’s drug formulary — the list of prescription drugs covered — to be sure the meds you take are covered or that you don’t have to try less expensive drugs first.
4. Check to see whether your extra benefits are covered, like dental, vision, and hearing — if these benefits are important to you.
5. Some plans limit you to using in-network doctors only, so find out what’s covered if you have an emergency outside your network area.
6. Make sure the doctors in the plans you’re considering are located near you, and check to see if hospitals, home health agencies and skilled nursing facilities are nearby too.
7. If you have coverage from a former employer, check with the benefits manager to be sure signing up for an Advantage plan won’t void your retiree coverage.