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Medicare Part D | How to Choose the “Best” Drug Plan?

Medicare Part D | How to Choose the “Best” Drug Plan?

So, what’s the best Medicare drug plan? “BEST” can be subjective, but a few things may help when selecting a prescription drug plan.

Let’s start with some fundamentals. You’ve got Medicare, and nestled within it, you’ve got drug plans ─ these are called Medicare Part D. It helps to remember that “D” is for drugs. There are standalone prescription drug plans, and they can also come bundled with Advantage plans. It sounds pretty basic, but when you know some of these little things, it’s like the secret handshake of the healthcare world.

Step two, and this one’s a biggie ─ list your prescription medications. Dosages, too. You’ve got to know what you’re working with.

Step three ─ where the rubber meets the road ─ check to ensure your meds are in the formulary … that’s a fancy word for what’s covered. Just because you’ve got a plan doesn’t mean it’ll cover YOUR specific meds. Get familiar with plans and what they offer ─ that’s like reading the menu before you order.

Next, you want to consider ALL the costs. It’s not just about the monthly premiums ─ you’ve got to think about out-of-pocket expenses like deductibles, copayments, and coinsurance. We ALL want a good deal, but sometimes that bargain bin isn’t as sweet as it appears. Some plans might look like a deal upfront but could end up costing you more with higher drug costs later. And we don’t want that, do we?

You look at Yelp when you try a new restaurant, right ? These plans have star ratings ─ check them out. Trust the stars ─ the more, the merrier. At least it gives you some idea of how that plan works out for people. You don’t want to hitch a wagon to a one-star donkey.

Lastly, you can ask for help ─ no need to be a lone wolf in the Medicare forest. Look, we’re not all experts in this stuff, and that’s okay. Talk with someone who knows this inside and out. You’re looking for a trusted, independent Medicare broker – you want someone who is objective and works with people like you all the time.

So, there you have it ─ six steps to help you choose the “best” Medicare drug plan for yourself. Easy peasy, right?

Familiarize ─ check coverage ─ evaluate costs ─ look at the ratings ─ and don’t be shy about asking for help.

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