Medicare Part D
If you find yourself overwhelmed at the possibility of selecting Medicare part D coverage, you’re in good company. Many seniors find themselves in the same situation. You don’t have to wander aimlessly in the dark if you take a few preliminary steps before you begin your selection.
Find a Medicare part D plan that uses the services of your prescription provider or at least one that is available to you. No matter how cheaply you purchase the plan, if you can’t get your drugs through the mail or at a pharmacy relatively close to your home, it’s not much of a bargain.
Write down all the medications you presently take. Note whether the drugs are generic drugs or name brand prescriptions. Check with your physician to see if a generic drug that works just as well for your situation. If one is available, consider changing before you select your plan. It can make a difference in the type of plan you choose.
Once you have all your drugs listed, you’ll be able to identify how much you have to pay out of pocket each month for co-pays in each of the plans. If your list is short and has few or no medications, you also have the option of selecting a lower priced prescription drug plan. For those that have prescriptions that include specialty drugs, consider all the co-pays first.
Once you list all the potential co-pays, you simply need to compare your annual outlay with the annual premiums for each plan. For instance, you may find that your out of pocket cost using one plan is about $240 and the annual outlay for premium is approximately $360. That means that you’ll pay $600 out of pocket for the year. Another plan may have a lower out of pocket cost, such as $120, but the annual premium is $590. In this case, your annual outlay for premium and out of pocket drug expense is $710. Even though the out of pocket expense is less, the increased cost of the premium makes the higher co-pay product more attractive.
If you seldom take prescription drug, consider the least expensive plan. Those who’s annual out of pocket expense for prescriptions is quite insignificant, find their savings comes in the form of a smaller prescription coverage premium. While it’s nice to cover all bases and insure for every possibility, it’s not necessary. The money you save on premiums can go into a fund for the day you won’t be as lucky as you are now and have to take more prescription drugs.
You don’t have to wander through the maze of plans alone. Several senior agencies offer service to help your select your Medicare part D policy. Other resources for seniors selecting new Medicare part D plans are insurance representatives versed in this type of policy and your druggist. Often pharmacists deal with the different plans daily and know which one pays the most for particular prescriptions. These are simply resources to help guide you to your decision.
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