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Saving Money & Medicare

Saving Money

Comparing Plans Can Save You Money!

Between October 15th and December 7th Medicare beneficiaries have the opportunity to review their Medicare Advantage (MA) or Medicare Drug (Part D) Plans. This review is called a “comparison” and allows the beneficiary to ensure the plan they are enrolled in this year will also be the best plan for them next year.

Across the US an estimated 70% of of Medicare beneficiaries do not compare their plans each year, which means they may be paying more than needed.  At SHIIP/SMP, we often hear beneficiaries say “No thanks, I don’t need a comparison.” Most often it’s because they just don’t want to change plans. Medicare beneficiaries tell us that their  current plan treats them very well, or that it’s just too much trouble to make the change.

No matter how much you like your current plan – getting an annual comparison is critical.  Medicare Advantage (MA) and Part D Drug Plans change from year to year!  When you complete a comparison, you ensure:

  • The drugs you take are covered by your plan.
  • The plan you are on is the most affordable.
  • The plan you are on provides the benefits that you need and want.
  • Your health care providers are in the plan’s network, if you are enrolled in an MA plan.

If you are a Medicare beneficiary that uses insulin, it is even more critical to compare plans in 2023. With the passing of the Inflation Reduction Act, covered insulin products will be limited to $35 for a month’s supply. That simple change in the cost of insulin may dramatically change what plan is the most affordable to you.

Comparisons can be done quickly and efficiently with the right resources.

  • For Medicare beneficiaries that are comfortable with a computer you can go to your Medicare plan finder account. There, you can see how your current plan will change and how it compares to other plans for 2023. To create or log-in to your Medicare plan finder account, visit: medicare.gov/plan-compare
  • If you would like assistance to complete a comparison, you can contact the SHIIP/ SMP Program to set up an appointment (1-800-351-4664) or find a local SHIIP/SMP Counselor on our website: https://shiip.iowa.gov/find-a-shiip-counselor
  • You can also call Medicare directly for assistance (1-800-Medicare).