Which Medicare Drug Plan is Right for Me?
April 6, 2023 | Kari Mellone
Medicare drug plans, also known as Medicare Part D, help seniors cover the cost of their prescription medications. With so many options to choose from, it can be overwhelming to decide which plan is right for you. Here are 5 tips to help you make the best choice:
Evaluate Your Medications
Start by making a list of all the prescription drugs you take, including the dosage and frequency. This will help you determine which plan offers the best coverage for your specific needs. It is not necessary to include any over-the-counter medications or supplements you take regularly.
Related: Understanding Medicare and Diabetes Coverage
Compare Plan Costs
Medicare drug plans have varying costs, including monthly premiums, deductibles, and copays. Look at the total cost of each plan you’re considering, including the drugs you take and the plan’s out-of-pocket expenses, to determine which one offers the best value for your budget.
Related: Medicare Prescription Deductibles: What You Need to Know
Check the Plan Formulary
Each drug plan has a formulary, which is a list of drugs that are covered under the plan. Make sure the medications you take are included in the plan’s formulary, or else you may be responsible for the full cost of the drugs.
Consider Your Pharmacy Network
Some drug plans have a preferred pharmacy network, which means you’ll pay less for your prescriptions if you use a pharmacy within the network. Check to see if your regular pharmacy is part of the plan’s network or if there are other nearby options that are.
Look for Extra Benefits
Some drug plans offer additional benefits, such as mail-order delivery or discounts on certain medications. Consider these extra benefits when comparing plans to determine which one provides the most value for your needs.
When it comes to choosing the right Medicare drug plan, it’s important to take the time to evaluate your options and determine which plan best fits your individual needs. By considering your medications, plan costs, formulary, pharmacy network, and extra benefits, you can make an informed decision that provides you with the coverage you need at a price you can afford. Remember to review your plan annually during the open enrollment period to ensure it still meets your needs and provides the best value.
Choosing a Medicare plan can be difficult. Twin City Underwriters helps Medicare recipients in Minnesota, Wisconsin, North Dakota, South Dakota, Iowa and Florida find the Medicare plan that meets their unique needs. Schedule a one-on-one meeting with one of our Medicare insurance brokers to get your questions answered!
Do you need help with Medicare, insurance and health plans? Explore your options with Allina Health Aetna, Blue Cross/Blue Shield of Minnesota, Medica and UCare. We work with you to find the best plan for your needs and budget. Contact us today to get started.
