Prescription Drug Plans (Part D)
Medicare Part D provides coverage for prescription medications. Plans vary in cost, formulary (list of covered drugs), and pharmacy networks.
Medicare Part D Drug Coverage
Medicare Part D is prescription drug coverage that helps cover the cost of prescription drugs. It's available as a stand-alone plan or as part of a Medicare Advantage plan.
Part D plans are offered by private companies that contract with Medicare. Each plan has its own list of covered drugs (called a formulary) and its own network of pharmacies.
Important to Know
If you don't have creditable drug coverage when you first become eligible for Medicare, you may pay a late enrollment penalty if you join a Part D plan later.
Why Review Part D Each Year?
Drug costs and plan formularies change annually. We'll evaluate your prescriptions and ensure you're on the most cost-effective plan available in your area.
Drug Costs Change
Prescription drug costs and plan formularies change annually, affecting what you pay for medications.
Premiums & Copays Increase
Monthly premiums and copayments may increase, affecting your overall prescription drug costs.
New Plans Offer Savings
New plans may offer better savings and coverage for your specific medications and pharmacy preferences.
How Part D Coverage Works
Every Part D plan is different. Here are the key factors to evaluate when selecting coverage.
Formulary Coverage
Check if your medications are on the plan's formulary (list of covered drugs) and what tier they're on.
All current medications covered
Preferred tier placement
Prior authorization requirements
Pharmacy Network
Ensure your preferred pharmacy is in the plan's network for the lowest costs.
Preferred pharmacy access
Mail-order options
Convenient locations
New Plans Offer Savings
Look beyond monthly premiums to calculate your total expected annual costs.
Monthly premium
Annual deductible
Drug copays/coinsurance
How We Help You Choose
Timing matters when it comes to Medigap enrollment. The best time to buy is during your Open Enrollment Period.
Medication Review
We review all your current medications, dosages, and pharmacy preferences.
Plan Comparison
We compare all available Part D plans in your area for coverage and costs.
Cost Analysis
We calculate your total annual costs including premiums, deductibles, and copays.
Recommendation
We recommend the best plan based on your specific medications and budget.
Special Considerations
Certain situations may affect your Part D options and costs.
Late Enrollment Penalty
If you don't have creditable drug coverage when you first become eligible for Medicare, you may pay a penalty.
How it's calculated:
1% of the national base premium ($34.70 in 2024) × number of months without creditable coverage
Extra Help Program
If you have limited income and resources, you may qualify for Extra Help to pay for prescription drug costs.
Benefits include:
• Lower or no monthly premiums
• Lower or no deductibles
• Lower copayments
• No coverage gap
Ready to Simplify Your Medicare?
Don't navigate Medicare alone. Our expert advisors are here to help you find the perfect coverage for your needs.
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