Medicare Prescription Drug plans are also known as Medicare Part D plans. The easy way to remember this is that “D” is the first letter in the word “Drug.”
If you have basic Medicare parts A and B, you will most likely need to add a Part D plan to make sure you have adequate prescription coverage.
While many Medicare Advantage plans include Part D coverage, Medicare Supplement plans do not.
The cost for Medicare Part D plans varies from state to state and from provider to provider. You don’t always want to go what may at first appear to be the least expensive plan in your area until you understand all of the components of each plan. Some things to consider are as follows:
- Monthly premium
- Annual deductible (if any)
- Co-pays amounts for the various drug tiers (typically tiers 1 through 4)
- Formulary (list of drugs covered by the plan and what drug tier your personal drugs might fall under.)
Before selecting a Part D plan, make a list of all the prescription drugs you are currently taking, including doses. Then check the formulary for each plan you are considering to discover which tier your drugs fall under.
If you take no drugs on a regular basis, a low premium plan with a higher annual deductible may make sense for you. If you take a number of drugs regularly you will probably want to select a higher premium plan with no deductible and lower cost drug tiers.
To avoid being assessed penalties you will need to choose a Part D plan once you are Medicare eligible unless you have credible coverage from another source, such as an employer or Veterans Rx Plan.
If you would like assistance discovering what drug plans are available in your area and which may make the most sense for you, please complete the contact form and a representative will contact you to answer all of your questions.
Call anytime at (401) 234-4450
