SELECTING AND RE-EVALUATING YOUR DRUG PLAN EVERY YEAR
Each year, when reviewing Medicare Part D plans, it may seem like you’ll save the most by selecting the plan with the lowest monthly premium. However, a low premium plan may not cover your medications or could mean you’ll have a higher copay. Learn about other areas to consider when evaluating a plan.
What is the total annual cost?
It’s important to look at the total annual cost to you for all the different components, such as premiums, deductibles and copays. Often people focus on the premium and end up paying more in the long run.
What is a formulary?
Every prescription drug plan has a list of covered drugs called a formulary. Choose a plan that covers all of your medications or offers cost-saving alternatives, such as lower-cost brand or generic substitutes. If you are on medication(s) that are not covered, look for a plan that covers as many drugs as possible.
What is a preferred pharmacy network?
Many prescription drug plans have a preferred pharmacy network. You pay less on your prescription copays when you fill at a preferred pharmacy in your plan’s network. Start your investigation process by ensuring your pharmacy of choice is in your plan’s preferred network.
Get free, expert advice by calling