How Do You Find the Best Medicare Part D Drug Plan?

Michael T. Braden, August 27, 2024 MEDICARE PART D

How Do You Find The Best Medicare Part D Drug Plan?

WHAT IS THE BEST, FASTEST, AND EASIEST WAY TO FIND THE BEST MEDICARE PART D DRUG PLAN FOR YOU AND YOUR MEDICATIONS?

The best way to compare Drug plans for your specific medications is to speak with your Medicare Broker. They typically can offer plans from multiple Insurance companies. Here at Braden Medicare, we are contracted with every Medicare Part D Plan in Arizona. They will compare your medications, whether you have Original Medicare with a Stand-Alone Medicare Part D Drug Plan or a Medicare Advantage Plan that includes Prescription Drugs.

Your Broker will ask for a list of your medications and then compare your medications using a Prescription Finder Tool, similar to the one available on the Medicare website at www.medicare.gov. They will compare your drugs and then offer the 2-3 best plans with the lowest overall cost, using your preferred pharmacy. And if they are good, they will include, as we do, the cost of your medications using GoodRx so that you can see the difference. There are many times when certain medications are much less expensive when purchased through GoodRx.

No two plans are the same; some have higher deductibles. Some people who take brand-name or expensive medications may save money by enrolling in a plan without a deductible. These are all things your Broker already knows.

NOTE: The lowest overall price will include the plan's monthly premium and the cost of your prescription medications.

6 TIPS FOR CHOOSING A MEDICARE PART D PRESCRIPTION DRUG PLAN

If you’re wondering how to choose a Medicare drug plan that works for you, the best way is to start by looking at your priorities. See if any of these apply to you:

I TAKE SPECIFIC MEDICATIONS

Look at drug plans that include your prescription drugs on their

formulary (a list of prescription drugs covered by a drug plan). Then, compare costs.

I WANT EXTRA PROTECTION FROM HIGH PRESCRIPTION DRUG COSTS

Review drug plans that offer coverage in the coverage gap, and confirm they cover your drugs in that gap.

I WANT TO KEEP MY DRUG EXPENSES BALANCED AS MUCH AS POSSIBLE THROUGHOUT THE YEAR

Look at drug plans with no or a low deductible, or with additional coverage in the coverage gap.

I TAKE A LOT OF GENERIC MEDICATIONS

Look at Medicare drug plans with “Tiers” that charge you nothing or low copayments for generic prescriptions.

I DO NOT HAVE MANY MEDICATIONS NOW, BUT I WANT COVERAGE FOR PEACE OF MIND AND TO AVOID FUTURE PENALTIES

Consider Medicare drug plans with a low monthly premium. If you need prescription drugs in the future, all plans still must cover most drugs used by people with Medicare.

Medicare Part D Prescription Drug Plans are designed to be reviewed every year in the fall. If you have had Medications added or had some medicines removed from your lists, it is always a good idea to update your information with your Independent Medicare Broker every year. Hence, you always have the best possible plan. There is never a charge or cost to switch plans, unless the premium on the new plan is higher.

I LIKE THE CONVENIENCE OF HAVING ONE PLAN FOR EVERYTHING, INCLUDING MY PRESCRIPTIONS. AND, I LIKE THE EXTRA BENEFITS THAT ARE INCLUDED IN MEDICARE ADVANTAGE PLANS.

Look for a Medicare Advantage Plan (Part C) with prescription drug coverage.

EVERY MEDICARE PART D DRUG PLAN AND EVERY MEDICARE ADVANTAGE PLAN WITH PRESCRIPTION DRUG COVERAGE OFFER THE FOLLOWING:

Monthly Insulin Costs are capped at $35 per month. One important thing to remember is that not every plan carries your specific insulin. So it pays to do your homework ahead of time. Or you can ask your doctor whether they have any other Insulin recommendations, or whether it works better with your plan. The idea is to keep as much money as possible in your billfold or wallet.

Every Medicare Part D Drug Plan covers Glucose Monitors and Test Strips. You need your Doctor to write a prescription, then take it to the pharmacy. Be smart and understand which Monitors are available under your plan before you sign up. Many people are loyal to and comfortable with certain Glucose Monitoring Devices and Testing Supplies. If you request a brand not covered by your plan, you will need to pay out of pocket.

Beginning on January 1st, 2025, you can receive the following vaccinations at no cost at any of your Network Pharmacies. Previously, you had to go to your Preferred Pharmacy for this.

• INFLUENZA

• PNEUMONIA

• SHINGLES 9 (Shingrix 2-Part Vaccine)

• RSV

• COVID

• COVID BOOSTERS

• HEPATITIS A

• TETANUS

BEGINNING ON JANUARY 1ST, 2025, THERE WILL NO LONGER BE ANY catastrophic phase for MEDICARE PART D DRUG PLANS. THIS WAS PREVIOUSLY KNOWN AS THE "DONUT HOLE". AND, NOT ONLY THAT, BUT THE MAXIMUM ANYONE CAN SPEND ON PRESCRIPTION MEDICATIONS FOR THE CALENDAR YEAR WILL BE CAPPED AT $2,000.

Please make sure all of your doctors know which Medicare Part D Drug Plan you have. If they have this information, they can always assist you by ensuring that anything they prescribe is on your plan's formulary, which will save you a lot of money. And, make sure to tell them that you always prefer Generic medications whenever possible.