Medicare Prescription Drug Plans
Choosing Prescription Drug coverage (Medicare Part D) is a critical piece of the Medicare puzzle. Medicare Part D helps cover the cost of prescription drugs, including many vaccines and other shots. Part D plans follow Medicare’s rules, but are managed by private insurance carriers. Most states have more than 30 Part D drug plans available. These plans vary by monthly premiums, deductibles, and drugs covered.
To get Part D prescription coverage, you must have either a standalone Prescription Drug Plan (PDP) or a Medicare Advantage plan that includes drug coverage.
- You must pick-up drug coverage within 63 days of losing creditable drug coverage.
- If you go without drug coverage, a penalty will be accessed when you decide to pick up coverage at a later date.
- The penalty remains in place indefinitely.
- Plans vary in quality ratings and in-network pharmacies. Furthermore, plans have specific “preferred pharmacies” that offer lower copays or lower cost mail-order pharmacy options.
Features and Cost of Part D Plan
- Monthly premiums vary by plan
- May have an annual deductible
- May have a maximum out of pocket
- Sold by private insurance companies
- Drugs have different costs according to the plan formulary and the preferred pharmacy
Two ways to get Medicare drug coverage:
- Stand alone prescription drug plan (PDP)
- Medicare Advantage Plan
Unfortunately, choosing the wrong Prescription Drug Plan for your medication needs can cost you
hundreds or even thousands of dollars out-of-pocket throughout the year.
We are here to help!
We assist our clients in identifying which drug plans will provide medications at the lowest overall annual cost based on your specific circumstances. Our expertise goes far beyond a simple Plan Finder search.
Additionally, our agents can determine if you qualify for Medicare “Extra Help” with prescription drug plan costs. Click here to learn more about Extra Help and how you can save money.