Comparing Medicare Part D plans available in your zip code to find the right one for you can be confusing and frustrating.
In this video, we’re going to go through the process to get the most accurate Medicare Part D quotes possible, so you can choose the plan that best fits your prescription coverage needs and know how much that plan will cost you during the year.
Confused about your Medicare coverage options? Watch our free video: How to Find the Best Medicare Coverage Without Paying More Than You Need To…
Medicare Part D Plan Costs
Medicare Part D plan costs to you are monthly premiums to be enrolled in the plan, drug deductibles in some plans, and copays and coinsurance amounts.
The plan premium is a fixed cost every month. The out-of-pocket costs to you for deductibles and copays and coinsurance vary depending on your prescription medications.
Because those costs depend on your medications, your overall annual cost estimate can vary greatly depending on your medications, dosages, how much of each medication you take, and which pharmacies you use.
Prescription Name Accuracy
For the most accurate estimate, be sure to copy the information from your prescription containers exactly.
When we talk about our medications, it’s easy to say the more commonly known brand name instead of the generic, but entering a brand name into the estimating tool will result in far different costs than entering a generic name.
For example, if you are taking the generic Simvastatin for cholesterol but enter the brand name Zocor into the plan estimator, your results will not be accurate, and you could end up enrolling in a plan that isn’t the best option for you.
The only way to get a true estimate and decide which plan is best for you is to enter the exact medication name listed on your prescription.
Dosage
Next, be sure to enter the dosage listed on your medication container. Different dosages can have different copays, so the only way to get an accurate estimate of your costs is to enter the correct dosage that you take.
Quantity
The quantity of each prescription that you take is also important to enter correctly. Again, take this information directly from your prescription label.
Medication copays and coinsurance amounts vary depending on how much of each medication you use. If you take 3 pills per day, which is 90 per month, but only enter 1 per day, or 30 per month, your estimated costs to fill that prescription could be way off.
Pharmacy
Different pharmacies charge different amounts for medications, and Medicare Part D plans have different contracts with different pharmacies, so it is worthwhile to check which pharmacies in your area will offer the lowest overall cost for your medications.
Mail order pharmacies for maintenance medications generally offer the lowest copay and coinsurance amounts available.
New Medications
When shopping for Medicare Part D plans, if there are other medications that your doctor may want you to start taking during the year, include those in your plan estimates too. That way, you’ll know what your costs will be if those extra medications are added.
Changes to Medications
The same applies for upcoming medication substitutions. If your doctor may change one or more of your medications, adjust your Part D estimate to reflect those changes so you’re prepared ahead of time for the possible costs.
Whether your Medicare Part D prescription drug plan estimates are run by you or by a broker, it’s important to have the correct information entered to get the best possible estimates for each plan in your zip code.
That way you can make an informed decision about which available plan is really best for you. If you have questions about your Medicare Part D prescription drug coverage, feel free to give our office a call at 877-312-1414 or schedule a free, no obligation Medicare Plan Consultation. We’re happy to help you make sure you select the best plan for your unique situation!
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