The Best 2020 Medicare Part D Drug Plans in Decatur, IL
Medicare’s Annual Enrollment Period (AEP) starts on October 15, which is generally the only time during the year in which you can switch Part D drug plans.
The AEP lasts from October 15-December 7, so if you haven’t had your drug plan reviewed yet, make sure you contact us as soon as possible!
Why You Should Review Your Part D Drug Plan
Before we offer up our recommendations for the best 2020 Medicare Part D drug plans in Decatur, IL, you might be wondering – is it really necessary to review my plan?
Even if you love your drug plan, the unfortunate reality is that drug plans change every single year.
For example, those with a 2019 Humana/Walmart drug plan will experience a $30-$35 premium increase in 2020 unless they change plans between October 15-December 7!
Benefits and prices can and do change every year, not to mention that the prescriptions you take might have changed as well.
Drug plans have formularies, and you want to make sure that the drugs you take are in your plan’s formulary. If not, you’ll pay much more than you need to on prescription drug prices.
Changes You Can Make to Your Medicare Drug Plan
From October 15-December 7, you can make the following changes to your Medicare drug plan:
- Enroll in a stand-alone Medicare Part D plan
- Switch from one stand-alone Medicare Part D plan to another one
- Drop your prescription drug coverage
This is the only time of year in which you can make these changes, so it’s in your best interest to at least shop the options.
If you don’t make adjustments to your Part D plan during this special time period, your options for making changes later are very limited.
You’d have to qualify for a special enrollment period, which includes situations like getting kicked off of your employer’s group plan or your Medicare Advantage plan getting terminated. If you don’t qualify for a special enrollment period, you just have to wait until October 15 of next year to make changes.
Take advantage of the Medicare AEP while you can! You have nothing to lose, but hopefully, you have some money to save.
Best (Most Popular) Medicare Part D Plans in Decatur, IL
Since it’s the Medicare Annual Enrollment Period (AEP) right now, we’re seeing most of our clients, and we're updating their Part D plans.
Each year, the most popular drug plans change, because the plan benefits and premiums also change.
This year, the most popular Part D carriers in Decatur, IL are going to be WellCare, Humana, and SilverScript. These are three companies we’ve been recommending the most when we run drug comparisons for our clients.
Our recommendation is always tied to the drug comparison that you can run on Medicare.gov. Humana has that great partnership with Walmart in addition to a low premium, WellCare has several new plans for 2020 that could save you money on your premium, and SilverScript is a tried-and-true option that offers a lower drug deductible.
Using the recently updated drug comparison tool on Medicare's website, you can enter the exact prescriptions you take, and the system will show you the plan options in your zip code. Simply sort plans by lowest drug + premium cost, and your least expensive option will sort to the top!
We're here to help you find your lowest cost drug plan if you run into any issues.
Drug Comparison Example for Decatur, IL Seniors
To give you an idea of what the best drug plans look like in Decatur, we’ll go through two examples using four very common prescription drugs.
Example 1: I take Lisinopril and Simvastatin
We do this day in and day out, and there’s no doubt that Linisopril, a blood pressure medication, and Simvastatin, a cholesterol pill, are the two most common prescriptions we see.
Since these generic drugs are so common, let’s use them in a drug comparison example.
After running these prescriptions through Medicare’s updated Plan Finder tool, we can confirm that Humana's brand new Humana Walmart Value Rx Plan is the lowest cost option with a total annual cost of $182.40. That's if you pick up your drugs at Walmart, and that's premiums and copays at the pharmacy combined.
Copays at the pharmacy only total $24 for the year!
If you’re more comfortable with Mail Order, your total annual cost would be $200.04 for the year.
As you can see, these common generic prescriptions work really well with WellCare’s drug plan, costing next to nothing.
Let’s do one more example.
Example 2: I take Atenolol and Levothyroxine
Atenolol and Levothyroxine are two more prescription drugs that we run across often, so let’s do one more drug comparison.
For these drugs, the WellCare Wellness Rx is the least expensive plan for total annual costs. It's only $158.40 for the entire year (premium and copays at the pharmacy combined).
If you choose to get your drugs from Walmart, you'll pay $0 – nothing! – in copays. These same drugs cost $123.96 in copays if you get them at Walgreens, so price shopping around different pharmacies can be important!
What If I Don’t Take Medications?
You have the option to refuse Part D drug coverage, but there are some penalties attached to that.
For each month that you don’t have creditable drug coverage, you’re penalized 1% of the national base beneficiary premium (around 35 cents right now), and the final sum is added to your monthly Part D premium.
If you want to avoid penalties and like the idea of having a drug plan just in case, the lowest premium plans in Macon County are $13.20 per month (Humana Walmart Value Rx Plan or WellCare Wellness Rx).
This is actually more than a dollar less per month than the lowest premium plan last year!
If you need help with your drug plan, please contact us! We are your local, trusted Medicare agents and will go above and beyond to make sure you have the best coverage for the lowest price.
Get a Prescription Drug Plan Comparison
Whether your premiums change or not, there's a good chance that the medications covered by your plan change yearly. Let us help you choose the best plan.Get Started