How Can I Choose A Medicare Part D Plan?

Medicare Part D is prescription drug coverage that helps you pay for the medications you need. There are various plans to choose from, and each plan varies in cost and drugs covered.

Medicare Part D is available to everyone with Medicare Part A and/or Medicare Part B. At Caring Insurance Solutions, we highly recommend enrolling in Part D even if you don’t take prescription drugs now. You’ll usually have to pay a late enrollment penalty to join Part D later if you decide not to get it when you first become eligible.

How Do I Choose a Medicare Part D Plan?

Consider your priorities when it comes to prescription drug coverage:

  • You’ll want to look at drug plans that include your prescription drugs on their list of drugs covered by the plan. This is known as a formulary. From there, compare your costs across plans. 
  • Most drug plans have a temporary limit on what the plan will cover for drugs, which can create a coverage gap (also known as a donut hole). During this coverage gap, you pay higher cost-sharing for drugs until you qualify to get catastrophic coverage.
  • If you want extra protection from high drug costs, look at plans that offer coverage in the coverage gap. Make sure you also check with those plans to confirm that they cover your specific drugs in the gap. 
  • Look for plans with no deductible or a low deductible. You could also look at plans that offer additional coverage in the coverage gap, a time when you pay higher cost-sharing for drugs until you qualify to get catastrophic coverage.

Need Support Choosing a Medicare Drug Plan?

Caring Insurance Solutions can help. We’ve been proudly serving Oklahoma and Texas seniors since 2011, and we specialize in helping Medicare beneficiaries find the coverage that meets their budget and coverage needs. Medicare drug plans are an important part of your coverage to keep you healthy and financially protected. We can help you find the best possible drug coverage for the price that fits your budget by using our research and experience. Contact us at dhinsuranceagency@gmail.com or 405-694-0892 to get started today.

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