November 04, 2022
What to Know About Medicare Part D Prescription Drug Plans
Throughout November and until Dec. 7, it’s open enrollment for Medicare Part D prescription drug plans.
It can be confusing, however, when there are over 700 Part D plans to choose from. Some have similar coverage but can be more expensive, and other plans can cover only certain kinds of drugs.
CHC has a look at questions you can ask to narrow down the plans and find one that’s right for you.
- Look for the Lowest Premium?
Experts warn against just choosing the cheapest plan because it may mean that some types of drugs won’t be covered. And with the average Part D plan costing $32 per month, you can get quality coverage for a reasonable price.
- Find Coverage That Matches Your Needs
Instead of looking at solely the cost, you should check to see which plans offer medications that you regularly use. Fortunately, Medicare must provide coverage for certain types of medication, including antidepressants, immunosuppressants, and anticancer drugs. Commonly used drugs like beta-blockers and diuretics will also be included in all plans.
- What Do the Drug Tiers Mean?
Tier 1 medications are common generic medications and will have the lowest costs. The highest number is Tier 4, which is ahead of preferred brand-name prescriptions and ventures into the nonpreferred category. There is also a Specialty Tier that covers new and very specialized drugs, such as certain cancer medications.
- Can I Use My Pharmacy?
Just about every actual pharmacy in the United States is included, but if you choose a preferred pharmacy, that may give you a better price on your overall Part D plan.