Yes! Medicare Part D plans, whether standalone or as part of your Medicare Advantage plan, will give you written notice when they make changes to their formularies. Check again in the fall to prepare for larger changes and to choose the most cost-effective coverage for your needs.
How Will My Plan Communicate Changes?
At some point, your Part D plan might make changes to a drug you are currently taking. If that happens, you don’t have to worry about being left in the lurch. For any changes that will happen within the year of your coverage, your plan will notify you.
You can expect to receive written notice of the changes to your plan’s formulary at least 30 days before the changes take effect. Your plan can choose instead to give you written notice of the change when you refill your prescription at the pharmacy, as long as they give you a month’s supply under the previous plan rules and costs.
What Kind of Changes Can I Expect?
Medicare Part D plans can completely remove a drug from their formularies. This might happen if the Food and Drug Administration (FDA) decides that a drug is no longer safe. Sometimes a drug manufacturer will make that decision or pull the drug from the market for whatever reason. Without that drug available to meet the needs of its members, a Part D plan can make changes to account for its loss.
Plans in good standing with Medicare can make changes to remove brand name drugs and replace them with generic drugs. They can also change the cost or coverage rules for brand name drugs when a generic drug is added to the formulary.
Part D Annual Notice of Change
The other changes you can expect from your Medicare Part D plan are adjustments in cost and coverage from one year to the next. Each fall before the Open Enrollment period begins, your plan will send you an Annual Notice of Change to communicate any changes to its formulary for the coming year.
It’s a good idea to review these changes to the plan formulary every year. Even if you were satisfied with your coverage for the current year, you may find that changes to your coverage make your plan less suitable for your needs. If you uncover major changes in cost or coverage for prescription drugs you are currently taking, you should take this as a sign to comparison shop with other Medicare Part D plans and Medicare Advantage Prescription Drug plans. Need help getting started? Work with a Medicare expert at Magellan Healthcare.
