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How to Change Your Prescription Drug Plan

Wednesday, July 15, 2009
 

Instructions

  • Step 1:
    Find a prescription drug plan provider. One of the easiest ways is to visit www.Prescription-Drug-Insurance.com (see References below). Once there, you can enter your zip code to find providers of prescription drug plans in your area. The site also provides rates for the different plans offered by each company.
  • Step 2:
    Review of the different aspects of the plan and compare it to your current policy. Look at the premiums, co-payments and coverage included with each plan. Note whether a yearly deductible is applied to the plan.
  • Step 3:
    Call the customer service line of the prescription drug plan provider. You will need to provide them with your name, age, date of birth and some basic health information in order to sign up for the policy. Find out exactly when the plan will go into effect. This can help you determine when you should cancel the old prescription plan to avoid a gap in coverage.
  • Step 4:
    Cancel your previous prescription drug plan. If you are using a different provider, you will need to call and cancel the old policy. Contact the company about cancellation by using the customer service line located on the back of your policy card.

Tips & Warnings

  • If you are staying with the same prescription drug provider, they might automatically cancel the old plan when you sign up for a new one. Ask to make sure.
  • Before changing your prescription drug plan, call your pharmacy to make sure they will accept the new policy. You don't want to sign with a new plan only to discover your pharmacy of choice does not participate.

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