You might be considering obtaining a Medicare plan to cover prescription drugs. To help you shop for Medicare Part D Rx plans, here are some dos and don’ts:
There are three common mistakes that many commit when getting Medicare Part D Plans.
- Focus At Premiums To Judge Plans
Premiums are not the only determinant of excellent coverage. Ensuring you get your money’s worth also depends on out-of-pocket expenses for medications. Such expenses include coinsurance, copayments, and the deductible.
- Choose Based on Deductible
Don’t go for a plan just because it has the lowest deductible. People who made this mistake overspent by $250 on average.
- Pay More to Cover Donut Hole Drugs
There is a gap in Medicare Part D. It means your insurance plan has to pay for certain prescription drugs. Then, you’ll have to shoulder the rest of the costs up to a yearly limit. Once you reach the limit, your insurance plan can pay for the covered medications again.
Many choose to pay $30 to $60 more monthly, covering medications during the coverage gap or donut hole. But, only one in five drug plan members ends up in the coverage gap. If you don’t take three to four brand-name daily prescriptions, skip the donut hole coverage.
Now you know the mistakes to avoid, here’s what you need to do when choosing your Medicare Part D.
- Confirm that your prescribed medications are covered in the drug plan. Otherwise, it won’t make much sense to pay for a plan that does not help with your medication expenses.
- Check your total out-of-the-pocket expenses, not just the deductible or the premium. Choose a Medicare Part D plan. But first, consider which ones to help you minimize out-of-the-pocket expenses.
- Use the Medicare Plan Finder. It can help you check the total annual costs of your medications for each plan. To use this, input all your prescribed medications in the plan finder. Then, refine the results by choosing the option to include all your drugs in the formulary.
Keep track of your prescriptions. Avoid the common mistakes in shopping for Medicare Part D plans. Through these, you can choose the best plan to help you pay for your medications.
At The Modern Medicare Agency, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (631) 358-5793. Get your free quote today by CLICKING HERE.