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How To Pick A Medicare Part D Plan?

Medicare Part D is actually an umbrella term for a large number of private drug plans that meet Medicare guidelines. Since each plan covers different medications and involves different costs, it is important to compare the plans carefully and find the one that is best for you.

Medicare Part D Plan Costs

There are several costs associated with Medicare Part D. First, you pay a monthly premium. You also pay a deductible, a certain amount that you must spend out-of-pocket before the plan kicks in. Finally, you are charged a co-pay with each prescription purchase. The co-pay depends on the plan’s formulary or list of covered medications. It may be tempting to choose a plan with low premiums and deductibles, but what really determines your costs is the plan’s formulary. If you require an expensive drug that is not covered by the plan, you will likely be out more money at the end of the year than if you select a plan with higher premiums that does cover your medication.

Medicare to the Rescue

If you are computer literate, medicare.gov offers a handy tool called the Medicare Prescription Drug Finder. You type in where you live and a list of the medications you routinely take, and the program automatically compares the Medicare Part D plans in your area and advises you as to which is the most cost effective given your prescription profile. If you aren’t into interacting with computers, you can also call 1-800-MEDICARE, discuss your medications with a customer service technician, and receive a list of the best plans for you by mail.

Pharmacy Assistance

Your pharmacist may also be willing to review your list of medications and make recommendations as to the most appropriate Medicare Part D plan. One word of caution: Be a little suspicious of the pharmacist who automatically suggests the plan sponsored by his or her own pharmacy chain.

The Medicare Part D Plan – An Ongoing Process

Unfortunately, Medicare Part D plans can and do change from year to year. A plan that covered your most expensive medication this year might not cover it next year. Each time an enrollment period comes around, it pays to evaluate all your options again and make sure the plan you have is still the most cost effective one.

One Response to “How To Pick A Medicare Part D Plan?”

Norbert Essing says:

January 3, 2011 at 6:55 am

Hey admin, i think that what you say is absolutely convincingly.

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