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Do you have the best Medicare drug plan coverage? It is relatively easy today to compare Part D plan options and costs. Click “COMPARE NOW” on the banner ad to access an online portal made available by the Association.
Find the best Medicare drug plan. The online comparison is free. There is no obligation. You start by entering your Zip Code. You can even enter your prescription medications to find the best plan for you. Then (and only if you want) you can sign-up for the new plan online.
Access the Free Medicare Part D Comparison Tool
You will go to a separate website.
Are all Medicare Part D plans alike?
Do all Medicare drug plans have deductibles? Some don’t have any deductible. But, others do (and they can vary). In 2022, your deductible cannot exceed $480 up from $445 in 2021. This is the amount you may pay before your insurance company pays. Before choosing a low- or no-deductible plan, it’s important to calculate the total cost of your plan, including premiums and co-pays or coinsurance.
What about Part D plan co-pays (cost-sharing)? This depends on the Medicare drug plan you chose. There may be a co-payment that you will pay. For that reason, it can really save you money by comparing plans based on the prescription drugs you take.
What are drug tiers? Medicare Part D drug plans publish a list of covered drugs (often called a formulary). Many times the plans separate their formularies into “tiers”. Tier 1 drugs (usually generic drugs) cost the least. Tier 4 drugs (non-preferred, brand name prescription drugs) generally will cost you the most. Check because some plans also have a “specialty tier” that includes the highest cost drugs.
Help paying for prescription drug plan coverage. Medicare beneficiaries can qualify for Extra Help paying for monthly premiums, annual deductibles, and co-payments related to Medicare Part D (prescription drug coverage). This Extra Help is worth about $5,000 per year. To qualify you must be receiving Medicare, have limited resources and income, and reside in one of the 50 States or the District of Columbia. You can also call Social Security at 1-800-772-1213 (TTY 1-800-325-0778) to apply over the phone, to request a paper application, or to schedule an appointment to apply.
OCTOBER 15 – DECEMBER 7. Medicare Open Enrollment begins October 15 and ends December 7. Your new coverage begins January 1, of the following year.
In most cases, you can only make changes to your Medicare Part D prescription drug coverage during Fall Open Enrollment. You can change plans as many times as you need during Fall Open Enrollment. Your final choice takes effect January 1.
During this time, Medicare beneficiaries can compare coverage options. If you have Plan D coverage it can be really beneficial to compare for the next year.
If you switch plans, experts advise enrolling in your new plan without disenrolling from your old plan. You should be automatically disenrolled from your previous plan when your new coverage begins. To avoid gaps in coverage, try to enroll at the beginning of an enrollment period.