You May need a Part D Plan If:
- You take prescription drugs regularly: If you take one or more prescription drugs on a regular basis, a Part D plan can help you pay for them.
You want to avoid the penalty: If you don’t enroll in a Part D plan when you’re first eligible and later decide to enroll, you may have to pay a penalty on your premium.
You have limited income and resources: If you have limited income and resources, you may qualify for a federal program called Extra Help with your prescription drug costs. Enrolling in a Part D plan can help you take advantage of this assistance.
You want to avoid the coverage gap: Also known as the “donut hole,” the coverage gap is a period of time when you’re responsible for paying a larger portion of your prescription drug costs. Enrolling in a Part D plan can help you avoid or minimize the coverage gap.
It’s important to note that if you are enrolled in a Medicare Advantage plan, it is likely that your plan includes Part D coverage. However, you should confirm this with your provider, as it may not be the case for all plans.
How To Choose The Perfect Part D (RX) Plan:
Choosing the best Part D plan can be a complex process, but there are a few key factors to consider when making your decision:
The formulary is a list of drugs that are covered by the plan. Make sure that your prescription drugs are on the formulary and that the plan covers the drugs you need at a cost you can afford. We can help you check to see if your drugs are covered with many carriers.
Compare the monthly premium and any deductibles, copays, and coinsurance for the plan. Also, check if the plan has a coverage gap (also known as the “donut hole”) and if so, how much you would pay during that period.
Check if your preferred pharmacy is in the plan’s network and if the plan has any restrictions on where you can fill your prescriptions.
Check if you qualify for the Extra Help program, which helps with the cost of prescription drugs for those with limited income and resources. This Federal program is for those who fall in a lower income tier.
Plan's Star Rating
Medicare uses a star rating system to rate the quality of drug plans, with five stars being the highest rating. It may be helpful to choose a plan with a higher rating.
We can help you compare all the plans so you can understand the costs and benefits of each one.