Medicare Part D – Which Is Right for You?

Medicare Part D covers prescription drugs.  The coverage can be purchased through many companies and are difficult and confusing to sort out for many seniors.  Overall costs are supposed to – and often do – lower overall costs and give you better coverage, but your retail prescription expenses must be up to $2,250 per year, and you need to be sure that the plan covers the actual medication you take.

It is important to research Medicare part D.  You can do so by talking to several insurance agents.  Be sure to find honest agents that you can trust, perhaps by getting referrals from friends, family and neighbors.    Don’t just talk with one agent, talk to a few, and take notes.  Make sure they give you quotes and information in writing.  If you don’t feel comfortable meeting alone, bring someone you trust with you.

Depending on how much you usually spend on prescriptions each year, you could save hundreds of dollars with a Medicare drug plan that fits your situation.
Medicare Part D can save you money.  The premiums are usually reasonable and cost from $12 to $30 and can save you a lot.  If your medicine costs over the year are above $2,250, you probably need to purchase a more expensive plan that will cover more of the costs associated with your prescriptions.

One way to figure out your annual drug costs is to talk to your pharmacist  Not only can your pharmacist tell you how much you have spent on prescriptions, he or she can also tell you which plans seem to pay the best, quickest and most reliable.  Once you have paid the $2,250 you are considered in the “donut hole” where your coverage for part D ends for all intents and purposes.  At that point you continue paying premiums, but the coverage for part D is on hold until you reach the catastrophic amount of $5,100 worth of qualified part D charges.  It is essential that you compare plans well.  Make sure you check premium prices.  Part D is part D.  It is the same coverage whether you pay $15 per month or $45 per month, so comparison shop.

If you have questions, look at the information on www.medicare.com or check the AARP website, which has a great comparison chart.