Navigating the world of Medicare can be overwhelming for many people. Understanding various terminologies, your coverage, and keeping a tab on deadlines can be challenging and overpowering. If Original Medicare wasn’t hard enough. You also have to consider the additional coverage options, i.e., the Prescription Drug Plan.
Choosing a Medicare prescription drug coverage plan or Medicare Part D can seem the most challenging. There are numerous options available out there. However, it’s not that tricky, actually. Today, we’re here to help make the process of choosing the Medicare prescription drug coverage plan easier for you. So, let’s get into it without further ado!
How to Choose the Right Medicare Prescription Drug Coverage Plan?
Here are a few simple but useful tips to help you pick the right Medicare Part D plan:
● Check the Formulary
A formulary is the list of drugs that each Medicare Part D plan covers.
All private insurance companies that offer Medicare prescription drug coverage plans. Will be able to offer a standard level of coverage. for the same categories of drugs, as determined by Medicare. However, there are differences in the specific drugs each plan covers under various categories. Therefore, it’s essential to make sure that the plan you’re considering signing up for provides coverage for your specific drugs.
● Consider Pricing of the Drugs
This may seem an obvious consideration; however, it comes as a surprise that many people are paying more for their drug coverage than they should. They didn’t explore their options well before signing up for a plan and are now reluctant to switch because it feels like a hassle to them. To avoid getting into the same position, make sure you explore, evaluate, and compare all your options thoroughly. Remember, just like the drug coverage, the cost of drugs can also vary across various Medicare Part D plan. Read through the tiered pricing, copays, coverage caps, and step therapy conditions to have a clear idea of the cost.
● Familiarize Yourself with the Insurer’s Exemption Process
Health changes can often be unexpected. And it only makes sense that you want to be covered by the insurer in such instances. If for any reason, you need to switch to a new medication(s) that are not on your plan’s formulary, during the calendar year, Medicare allows you to file for an exemption with your insurer. This is done with the help of your doctor, and in most cases, the exemption is granted. However, it’s only wise to know about the process beforehand and make sure it isn’t too complicated with the insurer you’re planning to buy from.
● Use Medicare’s Official Plan Finder
There is no better resource for discovering all your prescription drug plan options than Medicare.gov Plan Finder. This official tool is not only the most updated digital resource for Medicare Part D, but it also makes it quite easier to learn about the key features of various plans and compare them. You can use this tool to find out if a plan covers your specific medicines, what will the total out-of-pocket cost for them, and locate the nearby pharmacies in an insurer’s network.
Make sure to also check the rating of each Part D plan on the website and alerts for low-performing ones.
The Sum Up – Steps to Finding the Right Medicare Part D Plan
To sum up the whole discussion, here are the five steps to finding the right Medicare prescription drug plan for yourself:
- List down all the prescription drugs you’re taking along with their dose, quantity, and frequency (this is required to determine how much of a medication you would need and how frequently you would need refills)
- Search for plans that offer coverage for your prescription drugs on Medicare.gov Plan Finder.
- Compare the costs of shortlisted Part D plans (the ones that cover your prescriptions)
- Check the rating of each plan
- Choose the Part D plan that meets your needs and budgets and also has a good rating.
Still, Struggling? Take Help from a Medicare Expert
If, after all these useful tips and suggestions, you still find yourself struggling to choose the right Medicare prescription drug plan or following the enrolment process, its’ best to take help from a Medicare expert. United Insurance has got you covered here! We’re a team of Medicare pros working to help senior citizens find the right additional health coverage options, along with Original Medicare, and make the most of them. Get in touch with us for all your Medicare Part D-related questions, concerns, and confusions, and our experts will guide you through the whole process, making it seem like a walk in the park.