Tips & Tools
7 Tips for Choosing Part D
- Compare plans for the specific drugs you use and recheck every year.
- Premiums are projected to rise each year, so be sure you receive value.
- Pay attention to copayment and coinsurance. It’s the combination of copays and premiums and the deductible that impacts the total cost.
- Over half of Part D plans (53%) charge a deductible, but that could change next year.
- Compare the medications you need to the formulary and make sure a pharmacy near you is compatible with the plan. If you sign up for a plan that requires you to fill all your prescriptions at a specific pharmacy, you could end up paying more.
- Don’t delay signing up when you’re first eligible, or go 63 days or more with prescription drug coverage or it may cost you more.
- The Part D “donut hole” may or may not be gradually closing for those spending $2,930 in prescription drug costs, but most Part D plans offer no gap coverage now, and those that do provide only generic brands. Do the math.
7 Tips for Choosing a Medicare Advantage Plan
- Make sure your physicians are in the plan’s network.
- Look at the plan’s entire cost, not just the premiums and deductibles. Compare out-of-pocket maximums plus copays and coinsurance for doctor visits, tests, specialists, etc. (Remember that if you choose an Advantage plan, you are not eligible for a Medicare supplemental policy)
- Check the plan’s drug formulary — the list of prescription drugs covered — to be sure the medications you take are covered or that you don’t have to try less expensive drugs first.
- Check to see if you extra benefits are covered, like dental, vision, and hearing — if these benefits are important to you.
- Some plans limit you to using in-network doctors only, so find out what’s covered if you have an emergency outside your network area.
- Make sure the doctors in the plans you’re considering are located near you, and check to see if hospitals, home health agencies and skilled nursing facilities are nearby too.
- If you have coverage from a former employer, always check with the benefits manager prior to making any changes to your current retiree health plan. Check our Medicare Facts to learn where you can find information on Medicare supplement insurance and Ohio and much more.
You can avoid confusion and have the peace of mind that you’ve make the best choices for you when you consult an expert. For a free, no-obligation consultation, .