Medicare Part D is the last major coverage option in the program. It provides coverage for prescription medications. If you already take medications or expect to be taking them in the future, then Medicare Part D is essential, since it will help lower the copayments you need to pay for your prescription drugs.
Just as with Medicare Part C, there are several options to choose from when it comes to Part D prescription drug coverage. With Medicare Part D, you will have the option of paying for which ever plan you want, and prices will vary based on the types of drugs covered (such as generic vs. name brand drugs), the monthly premium amount, the copayment cost and the yearly deductible cost
With these options, it’s easy to find the perfect plan based on costs, coverage and more. Find a plan to suit your specific needs today by comparing Part D plans online.
When choosing a Medicare Part D plan, keep these tips in mind:
- Look beyond the monthly premium. Part D charges a premium every month that will vary depending on the details of the plan. However, be sure to not only focus on the monthly premium. A low-premium plan that only covers a small portion of your medication costs, for example, may end up costing you more per month than a higher-premium plan with better coverage.
- Remember that you can switch. If you sign up for a Medicare prescription drug plan and are not happy with it, you will be able to switch during Medicare open enrollment. Be sure to compare several plans so that you are getting the best value for your money.
- Think about future costs. Even if you do not take any expensive medications now, it may be worth it to sign up for Part D anyway. That’s because waiting too long to enroll in prescription coverage may lead to a lifetime penalty. Therefore, you may want to sign up for a low-premium plan at first and switch to a better one when your needs change.
