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Michael T Braden August 27, 2024 MEDICARE PART D
WHAT IS THE BEST, FASTEST AND EASIEST WAY TO FIND THE BEST MEDICARE PART D DRUG PLAN FOR YOU AND YOUR MEDICATIONS?
The absolutely best way to compare Drug plans for your specific medications is to atalk to your Medicare Broker. They typically can offer plans from multiple Insurance companies. Here at Braden Medicare, we are contracted with every Medicare Part D Plan in the state of Arizona. And, they will compare your medications whether you have Original Medicare with a Stand-Alone Medicare Part D Drug Plan or if you have a Medicare Advantage Plan that includes Prescription Drugs.
Your Broker will ask you for a list of your medications, then tehy will compare your drugs using a Prescription Finder Tool, much like the one available on the Medicare website at www.medicare.gov. They will compare your medications and then offer teh 2-3 best plans with the lowest overall cost, using your preferred pharmacy. And, if they are good, they will include as we do, the cost of your medications using Good RX, just so you can see the difference. There are many times that certain medications are much less expensive if you use Good RX.
No two plans are the same, some have higher deductibles. Some people who have brand name or expensive medications will usually save money by enrolling in a planthat does not have a deductible. These are all things your Broker already knows.
NOTE: The lowest overall price will include the monthly premium of the plan, and the cost for your prescription medications.
6 TIPS FOR CHOOSING A MEDICARE PART D PRESCRIPTION DRUG PLAN
If you’re wondering how to choose a Medicare drug plan that works for you, the best way is to start by looking at your priorities. See if any of these apply to you:
I TAKE SPECIFIC MEDICATIONS
Look at drug plans that include your prescription drugs on their
formulary (a list of prescription drugs covered by a drug plan). Then, compare costs.
I WANT EXTRA PROTECTION FROM HIGH PRESCRIPTION DRUG COSTS
Look at drug plans offering coverage in the coverage gap, and then check with those plans to make sure they cover your drugs in the gap.
I WANT TO KEEP MY DRUG EXPENSES BALANCED AS MUCH AS POSSIBLE THROUGHOUT THE YEAR
Look at drug plans with no or a low deductible, or with additional coverage in the coverage gap
I TAKE A LOT OF GENERIC MEDICATIONS
Look at Medicare drug plans with “Tiers” that charge you nothing or low copayments for generic prescriptions.
I DO NOT HAVE MANY MEDICATIONS NOW, BUT I WANT COVERAGE FOR PEACE OF MIND AND TO AVOID FUTURE PENALTIES
Look at Medicare drug plans with a low monthly premium for drug coverage. If you need prescription drugs in the future, all plans still must cover most drugs used by people with Medicare.
With Medicare Part D Prescription Drug Plans, tehy are designe to be reviewed every year in the fall. So, if you have had Medications added, or had some medicines removed from your lists, it is always a great idea to update your information with your Independent Medicare Broker every year, so that you always know you have the best possible plan for you. And, there is never a charge or a cost to switch plans, unless the premium is higher on the new plan.
I LIKE THE CONVENIENCE OF HAVING ONE PLAN FOR EVERYTHING, INCLUDING MY PRESCRIPTIONS,. AND, I LIKE THE EXTRA BENEFITS THAT ARE INCLUDED IN MEDICARE ADVANTAGE PLANS.
Look for a Medicare Advantage Plan (Part C) with prescription drug coverage.
EVERY MEDICARE PART D DRUG PLAN AND EVERY MEDICARE ADVANTAGE PLAN WITH PRESCRIPTION DRUG COVERAGE OFFER THE FOLLOWING:
Monthly Insulin Costs are capped at $35 per month. One important thing to remember, is not every plancarries your specific insulin. So it pays to do your homework ahead of time. Or, you can ask your doctor if there are any other Insulin recommendations they may have, if it works better with the plan. The idea is to keep as much money as possible in your billfold or wallet.
Every Medicare Part D Drug Plan covers Glucose Monitors and Test Strips. You just have to have your Doctor to write a prescription for them and take it to the pharmacy. Be smart, and understand what Monitors are available from your plan, before you sign-up. Many people are very loyal and comfortable with certain Glucos Monitoring Devices and Testing Supplies. If you ask for a brand that is not carried by your plan, you will have to pay out-of-pocket for them.
Beginning on January 1st, 2025 you can get the following Vaccinations for NO COST at any of Your Network Pharmacies. Previously, you had to go to your Preferred Pahrmacy for this.
INFLUENZA
PNEUMONIA
SHINGLES 9 (Shingrix 2-Part Vaccine)
RSV
COVID
COVID BOOSTERS
HEPATITIS A
TETANUS
BEGINNING ON JANUARY 1ST, 2025 THERE WILL NO LONGER BE ANY CATASTOHIC PHASE FOR MEDICARE PART D DRUG PLANS. THIS WAS PREVIOUSLY KNOWN AS THE "DONUT HOLE". AND, NOT ONLY THAT, BUT THE MAXIMUM ANYONE CAN SPEND ON PRESCRIPTION MEDICATIONS FOR THE CALENDAR YEAR WILL BE CAPPED AT $2,000.
Please, Please, Please make sure that all of your doctors know which Medicare Part D Drug Plan you have. If they have this information, they can always assist you by making sure that anthing they prescribe is on your plans formulary, which will save you a lot of moneyt. And, make sure to tell them that you always prefer Generic medications whenever possible.