Medicare prescription drug plans are becoming more and more complex as the years go on. It can be difficult to keep track of all of the changes, especially when it comes time to re-enroll in a plan. In this blog post, we will compare the different plans available in 2022 and help you choose the best one for your needs!
What is the Medicare Prescription Drug Plan?
Medicare prescription drug plans are designed to help cover the costs of prescription drugs. These plans are available through private insurance companies and offer different levels of coverage. You can choose a plan that covers all of your prescriptions, or just some of them. Some plans cover generic drugs only or brand-name drugs only.
Do You Have to Get a Medicare Prescription Drug Plan?
No, you don’t have to get a Medicare prescription drug plan. However, if you decide not to enroll in a plan when you first become eligible for Medicare, you may have to pay a late enrollment penalty. The penalty is an extra charge added to your plan premium for each month that you didn’t have coverage.
When Can You Enroll in a Medicare Prescription Drug Plan?
You can enroll in a Medicare prescription drug plan during your Initial Enrollment Period. This is the seven-month period when you first become eligible for Medicare. You can also enroll during the Annual Enrollment Period, which runs from October 15 to December 7th.
What are the top Rated Prescription Drug Plan Companies?
The top-rated prescription drug plan companies for 2022 are:
These are the four largest companies that offer Medicare prescription drug plans. They all have a variety of plans available, so you can choose the one that best meets your needs.
What are the different Drug Plans Aetna Offers?
Aetna offers four different Medicare prescription drug plans:
- Aetna Basic Rx Plan (PDP)
- Aetna Enhanced Rx Plan (PDP)
- Aetna Premier Rx Plan (PDP)
- Aetna Catastrophic Rx Plan (C-SNP)
The Aetna Basic Rx Plan is the most basic plan and covers generic drugs only. The Enhanced Rx Plan covers both brand-name and generic drugs. The Aetna Premier Rx Plan covers all drugs, including specialty drugs. The Aetna Catastrophic Rx Plan is for people who have high prescription drug costs. It has a low monthly premium but a high deductible.
What are the Different Drug Plans Cigna Offers?
Cigna offers three different Medicare prescription drug plans:
- Cigna Standard Rx Plan (PDP)
- Cigna Enhanced Rx Plan (PDP)
- Cigna Premier Rx Plan (PDP)
The Cigna Standard Rx Plan covers generic drugs only. The Enhanced Rx Plan covers both brand-name and generic drugs. The Cigna Premier Rx Plan covers all drugs, including specialty drugs.
What are the Different Drug Plans Humana Offers?
Humana offers four different Medicare prescription drug plans:
- Humana Basic Rx Plan (PDP)
- Humana Enhanced Rx Plan (PDP)
- Humana Premium Rx Plan (PDP)
- Humana Catastrophic Rx Plan (C-SNP)
The Humana Basic Rx Plan covers generic drugs only. The Enhanced Rx Plan covers both brand-name and generic drugs. The Humana Premium Rx Plan covers all drugs, including specialty drugs. The Humana Catastrophic Rx Plan is for people who have high prescription drug costs. It has a low monthly premium but a high deductible.
What are the Different Drug Plans United Healthcare Offers?
United Healthcare offers four different Medicare prescription drug plans:
- United Healthcare Basic Rx Plan (PDP)
- United Healthcare Enhanced Rx Plan (PDP)
- United Healthcare Premium Rx Plan (PDP)
- United Healthcare Catastrophic Rx Plan (C-SNP)
The United Healthcare Basic Rx Plan covers generic drugs only. The Enhanced Rx Plan covers both brand-name and generic drugs. The United Healthcare Premium Rx Plan covers all drugs, including specialty drugs. The UnitedHealthcare Catastrophic Rx Plan is for people who have high prescription drug costs. It has a low monthly premium but a high deductible.
When comparing the different prescription drug plans, it’s important to consider your own needs and budget. Each plan offers different coverage and has unique features. You should compare plans and prices before you decide which one is right for you.
Although we only name a few of the dozens of companies that offer coverage, please keep in mind this does depend on your medication list. Where you live in the country. What pharmacy you are using and a few other factors. In my professional option it is best to speak with an agent so you understand what option makes sense for you when comparing these plans side by side.