With the Medicare Annual Enrollment Period beginning Oct. 15 and running through Dec. 7 — a period when you can apply for coverage that begins Jan. 1, 2024 — the last question is a timely one to ask yourself. Determining the coverages or plans that best fit your needs can be confusing. For the sake of simplicity, let’s talk about one of the coverages you can apply for during the Medicare Annual Enrollment Period — prescription drug plans.
It’s no secret prescription drugs can be very expensive. That’s why having coverage to help pay for the medications you need is important, as paying for prescription drugs with no coverage can put a big dent in your savings.
First, you need to make sure you’re eligible to enroll in a prescription drug plan. You’re eligible if:
- You’re aging into Medicare — you’ll be approaching age 65 within the next six months.
- You’ve delayed retirement — you’re enrolling in Medicare for the first time after
- You’re switching coverage — you’ve enrolled in Medicare and want to switch to a
different prescription drug plan for the upcoming year.
If you’re eligible for a prescription drug plan, you’ll then need to determine which plan is best for you. Start by compiling a list of the medications you take. Knowing your costs, such as plan premiums, deductibles, copayments and potential out-of-pocket costs, is also important to understand as you balance your budget.
Mutual of Omaha Rx (PDP) is a prescription drug plan with a Medicare contract. Enrollment in the Mutual of Omaha Rx plan depends on contract renewal.