Medicare Part D Plans Review
Why do you need a Medicare Part D Prescription Drug Plan?
If you are eligible for Medicare or a current Medicare recipient, you are eligible for prescription drug coverage. Medicare Part A and Part B plans, as well as most Medicare Supplements, do not provide coverage for prescriptions drugs. For help paying for your prescription drug costs, you can enroll in a Medicare Advantage Plan or purchase a Medicare Part D Plan. By enrolling in one of these plans, you can help secure your retirement and avoid unnecessary out-of-pocket expenses for prescription drugs.
Medicare Part D Plans are designed to help make out-of-pocket expenses of prescription drugs more predictable and affordable. A wide range of commercial insurance companies, such as Blue Cross Blue Shield, SilverScript Choice, and AARP MedicareRx Preferred, offer Medicare Part D Prescription Drug Plans to fit nearly every budget. With a stand-alone Medicare Part D Prescription Drug Plan, you can enjoy simple and reliable protection from the added expense of prescription drugs. Even if you are relatively healthy, the assurance of knowing you have prescription coverage is worth purchasing supplemental prescription coverage.
Understanding how any insurance plan works can be difficult and Medicare Part D Prescription Drug Plans are no exception. That’s why most commercial insurance companies that offer these plans can provide you with the help and information you need to make the right decision.
Medicare Part D Prescription Drug Plans: What to Look For
When choosing a Medicare Part D Prescription Drug Plan, you should consider a few key factors. Monthly premiums, deductibles and drug tiers can vary slightly from plan to plan.
Similar to other commercial health insurance plans, Medicare Part D Prescription Drug Plans can vary in monthly premiums, depending on the company and the coverage. Your premium is based on how comprehensive your plan is. If you receive extra help or on a fixed income, it is important to know that you may qualify for help in paying for your monthly premium. To be enrolled in a Medicare Part D Prescription Drug Plan you must first be enrolled in both Medicare Part A and B. Your Medicare Part D premium is in additional cost to your Part B premium.
Some Medicare Part D Prescription Drug Plans offer a low monthly premium with a high deductible while others do not have a deductible but a bit higher premium. When choosing a Medicare Part D Plan, pay close attention to the benefit of paying a higher monthly premium. In many cases, the difference in savings is not as much as the difference in premium. The coverage of a higher premium plan often provides more comprehensive coverage.
Depending on your budget, current medications, and location, you can search among a vast list of plans offered by several commercial insurance companies. Most companies offering Medicare Part D Prescription Drug Plans cover medications based on a tier program and not all medications may be covered. It’s important to provide an accurate and complete list of your current medications before enrolling in a Medicare Part D Prescription Drug Plan to find out if they are included under the plan.
If you are eligible for Medicare or currently receive Medicare, then you qualify for additional prescription drug coverage. With numerous commercial insurance companies to choose from, the only real task is comparing plans to find the Medicare Part D Prescription Drug Plan that is right for you. We’ve taken a look at a number of different commercial insurance companies and Medicare informational websites that offer a wide variety of Medicare Part D Prescription Drug Plans and offer useful resources. Feel free to take a look and make sure you’re making the right choice for your needs and your future.