With medicines becoming more costly nowadays, it’s important to make sure that you are covered. If you have Medicare, you have the option to get a separate drug coverage called the Part D drug coverage. If you have yet to enroll read this article to learn more about why you should consider it.
Get Medicare Part D (or Medicare Drug Plan) at the same time you’ll sign up for Part B. Bear in mind that it is wise not to delay such moves even if you’re not regularly taking any prescription drugs right now. If you wait until later, you may be charged for an additional fee for every month you’ve waited. The amount of penalty charged to your premium varies every year.
Choosing the right Medicare drug plan for you will save you a lot of money in premiums and out-of-pocket expenses. Thus, it’s best to review your coverage every year during open enrollment. Here are tips on how you can choose the best Part D plan for you.
Check out the Official Website of Medicare
Go to Medicare’s official website and click on the “Find health & drug plans” button. Follow the prompts carefully. After putting in your ZIP code, you’ll be instructed to list the medications you take. Make sure that you have an updated list of names and dosages of the drugs you’re taking because you’ll be asked to give this information. Next, you’ll be asked to choose two pharmacies near you. Ensure that they don’t belong in the same chain.
Evaluate your Annual Drug Expenses
As soon as you’ve done the steps above, go to the page that says “Refine your plan results”. Check the box that will let you see prescription drug plans.
The first step is to ensure that you see all the plans available in your area. The plans will be sorted in order of annual costs to you according to your drug list and chosen pharmacies. The costs will show you your premium and out-of-pocket expenses.
If you click on each plan, you’ll gain access to their details. You’ll be able to check your coverage and how much it costs every month at your chosen pharmacies. You’ll be surprised to know that the costs of your drugs vary from one pharmacy to another, even if they’re under the same plan.
Note that you can repeat your search using different pharmacies every time to ensure that you’ll be getting the lowest possible price. Just click on “Update Search” that appears at the upper right of the result page.
Check the Terms of the Coverage
Keep in mind that some plans may have an extra set of rules when it comes to certain drugs. These rules can be found under three headings:
- Quantity Limits. The plan will only let you get a certain amount of drugs at a time.
- Step Therapy. The plan will let you try other medications first.
- Prior Authorization. The prescription will only be approved by the plan under certain circumstances. Your doctor must provide information before you will be able to get the drug.
Star Ratings are Important
Each plan is rated with stars – five stars being the best, of course. These ratings are based on factors like promptness of handling coverage, customer service, and complaints. Use them as one of the basis of getting Part D coverage.
Want to Make it Easier to Find the Right Medicare Part D Plan?
Medicare Savings Advisors is a Medicare Certified Insurance Agency specializing in Medicare health plans. We are dedicated to helping our clients in choosing the right plan that best suit their needs and if you reach out to us we’ll walk you through the process at no additional cost to you. Talk to one of us by calling 410-852-9100 or visit us today!