Selecting a Drug Plan

Selecting a Medicare D Prescription Drug Plan.  There are three factors to consider when selecting a Medicare Part D drug plan: Coverage, Cost, and Convenience.

Coverage: Some insurance companies offer their plans only in certain states. If you spend part of the year in another state, choose a plan that will cover you there as well. Each insurance company publishes a list (formulary) of all the brand-name and generic drugs their plans cover. In order to narrow your search for a plan by your state(s) of residence and the prescription drugs you take, call Medicare at 1-800-633-4227, or go to their website at www.medicare.gov . You will be provided a complete list of insurance plans for which you can apply, along with specific information about their premiums, deductibles, co-payments and preferred pharmacies in your area.

Cost: Like other insurance, you will pay a monthly premium (ranging from $14 - $100) plus a yearly deductible (ranging from $0 - $275). You will also pay a part of the cost of each prescription. These costs will vary depending upon which drug plan you choose. For example, some plans may offer more coverage for a higher monthly premium. If you have limited income and resources, and you qualify for extra help, you may not have to pay premiums or a deductible. You can apply or get more information about this extra help by calling Social Security at 1-800-772-1213 or by visiting www.socialsecurity.gov.

Convenience: Make sure the plan’s preferred pharmacies are ones you want to use. Some plans also offer the option for you to get your prescriptions through the mail.