Prescription drugs can be critical to our day-to-day health so having the right drug coverage is critical to our well-being and peace of mind. Whether you’re new to Medicare or looking for a new plan this enrollment period, choosing Medicare Part D plans can feel a bit overwhelming.
But don’t worry—we’re here to help.
This step-by-step guide will help you through the process and ensure you get the prescription drug coverage you need at the right price.
But first, let’s get some basic information out of the way.
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Medicare is a national, federal health insurance plan for those aged 65 and older. It’s designed to give health care coverage to those with inadequate or no coverage in place. Medicare has multiple parts to it:
Prescription drugs are often a major part of healthcare, so having Medicare Part D plans is important. Medicare Part D needs to be purchased as a stand-alone policy in order to receive prescription drug coverage.
If you get Medicare Part C, for example, which includes drug coverage, you’ll be unenrolled from the drug coverage under Part D.
Medicare drug plans from any insurer must meet the same standards as Medicare. This means that they all have to cover certain categories of drugs laid out by Medicare, but they can pick and choose which exact drugs to cover. If your exact brand of the drug isn’t covered, a similar option will be.
Most insurance providers cover both generic and name-brand drugs, and they’ll list exactly which drugs they cover in something called a formulary. It’s important to note that the cost of each drug can vary from plan to plan, because of co-pays, tiered pricing, and more.
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The best Medicare Part D drug plan for you will be the one that costs you the least overall (including copays and deductibles) while giving you the drug coverage you need. It will ideally have little to no restrictions on what you need and be a highly rated plan.
While it might take quite a bit of upfront research, finding the right Medicare Part D plan can save you so much time and hassle down the line while also ensuring you have the coverage you need to be your healthiest.
Claire Smith Claire is a creative entrepreneur with a variety of marketing and content creation skills, including blog and web copy writing, research, and strategy. She has a Masters in Cultural Studies from Queen's University and is known for thinking laterally about marketing, based on her deep knowledge of people and behavior.
