How to Find the Right Medicare Part D Plan for You
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Jun 02, 2023
How to Find the Right Medicare Part D Plan for You
Need a Medicare Part D prescription drug plan, but do not know where to start? The U.S. Centers for Medicare & Medicaid Services recently redesigned their Medicare Plan Finder tool to make shopping for a Medicare Part D Plan as simple as possible.
You can log in to your Medicare account for a more personalized experience, or if you are new to the Medicare market you can follow these simple steps to get started:
1. Select the type of Medicare coverage you are looking for.
If you are looking only for Medicare Part D Prescription Drug Plans, you will select “Drug plan (Part D)” and enter your zip code to view only plans that are available in your service area. You can also explore Medicare Advantage Plans and Medigap policies.
If you receive Medicare cost assistance from Medicaid, Supplemental Security Income, Medicare Savings Program, or Extra Help from Social Security, you will want to select the applicable program before moving forward. If you do not receive Medicare cost assistance you will select “I don’t get help from any of these programs.” If you are unsure, Medicare may be able to help you find out if you create an account.
2. Check your drug costs
Adding your drug information to your search can be beneficial when comparing plans. If you currently take medication, you will want to ensure you add the drug by either the brand name or generic name – whichever you take. You will then want to make sure you select the correct dosage, quantity, and frequency of the medication filled. It is important to input this information as accurately as possible to get the most accurate plan details.
You can also choose how you typically have your prescriptions filled – retail pharmacy (Walgreens, CVS, Walmart, local pharmacy, etc.) and/or mail order pharmacy. You will then be able to select your preferred pharmacy or compare pharmacies you are considering using. Not all plans will be in-network and plan pricing may vary by pharmacy. You can compare up to 3 pharmacies at once.
3. Compare Available Prescription Drug Plans
Now you can see all the plans available in your service area and at the pharmacies you selected. You can filter the results to show plans that are accepted across the U.S. (important for travelers) and by plan star ratings and insurance carriers. You also have the option to sort the available plans by lowest monthly premium, lowest yearly drug deductible, or lowest drug and premium cost.
Each plan will display the insurance carrier, plan name, plan ID, star rating, monthly premium, drug deductible, pharmacy estimated total drug and premium cost on the overview page.
To view a full plan profile, you can select “Plan Details” for the plan you are interested in. Here you will find the drug costs for different drug tiers during the initial coverage phase, gap coverage phase, and catastrophic phase. You will also be able to see the costs for the specific medications you entered the Plan Finder, as well as any prior authorization, step therapy, or quantity limits required by the plan. Contact information is also available here.
Like with pharmacies, you can compare up to 3 plans at once by selecting “Add to compare.” This option will allow you to compare multiple plans, along with your previously selected pharmacies, side by side.
The Medicare Plan Finder has made comparing Medicare Part D Prescription Drug Plans easier to compare than ever, but the information can still be confusing. If you are still feeling uneasy about which plan is best for you, Plan Advisors can help! Our advisors are knowledgeable of your local Medicare market and can provide comprehensive resources and advice, so you are confident in your plan choice.