Every year everyone participating in a Part D Prescription Plan will receive an Annual Notice Of Change from the company with whom they have the coverage.
Pay attention to premium, copay, drug tiers, and the formulary. A formulary is the list of generic and brand-name prescription drugs covered by a specific health insurance plan. This will let you know if your medication is still covered.
In 2023 for example a brand name Tier 5 medication is going to have a 25% co-pay. If you have a prescription that costs $1500 monthly your portion would be $125.00 each month.
So pay attention to all the plan details so you understand what your actual out of pocket spending is going to be.
For more on this topic, see our Part D prescription plans page.
