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Tips to Get the Right Medicare Prescription Drug Coverage for You

An elderly woman and her nurse discuss tips to get the right Medicare Prescription Drug Coverage for her

From the day you’re eligible to enroll in Medicare, you have a multitude of choices to make in regard to your healthcare. Selecting the right plan for you can seem intimidating, but getting all the benefits you deserve at a price that works for your budget is worth it. 

Original Medicare (Medicare Part A and Medicare Part B) doesn’t cover all prescription drug costs, which can be an issue for many Medicare beneficiaries. Medicare Prescription Drug Plans—also known as Medicare Part D—help cover the cost of prescription medications, giving you broader healthcare coverage and potentially saving you money. Here are some tips to getting the right Medicare Prescription Drug coverage for you:

Tip 1: Know Your Medicare Prescription Drug Coverage Options

When it comes to prescription drug coverage, you essentially have two main options: a Medicare Part D Prescription Drug Plan or a Medicare Advantage plan

A Medicare Part D plan can be purchased as a standalone plan to supplement Original Medicare or to accompany a Medicare Supplement Insurance plan. A Medicare Advantage plan is an alternative to Original Medicare and can also provide prescription drug benefits, giving you the option to have your health and prescription drug benefits covered under a single plan. 

Tip 2: Consider the Cost of Your Drug Needs

While it’s easy to compare premium prices, it’s also important to look at the bigger picture and try to minimize your total cost for prescriptions. Some Part D plans might have extremely low premiums, but could come at the cost of higher copayments. At SelectQuote, we can help you compare both coverage and rates, taking into consideration all of your prescription needs and helping you find the right coverage for you.

Tip 3: Make Sure Your Prescription Drugs Are Covered

Providers of both Medicare Part D and Medicare Advantage plans are required to disclose the specific drugs your plan covers. Comparing the medications you currently take to the provided list could help you avoid an increase in cost, whether you choose to switch plans or talk to your physician about potentially switching medications. Generic drugs can often cost less, and your doctor(s) will likely take this into consideration if brought to their attention. 

Tip 4: Know When You Can Switch Medicare Prescription Drug Plans

Understanding the different Medicare Enrollment Periods can give you a better understanding of when you can purchase or adjust your prescription drug coverage. Because most beneficiaries can’t change their plans outside of the eligible shopping window(s), it can pay to be prepared upfront and work with a trusted insurance agent. Shopping around for new or better coverage could help you save money and/or increase coverage, ensuring you’re getting the benefits you deserve at a price that works for you.

Tip 5: See if You Qualify for Additional Benefits

Individuals with a lower income, including those who have both Medicare and Medicaid, are sometimes eligible for different or additional benefits. Learn more about the savings programs available to Medicare beneficiaries with limited incomes

Let SelectQuote help.

One of the easiest ways to ensure you’re getting the right Medicare Prescription Drug coverage for you is by working with SelectQuote. We’ll get to know your needs and ensure you’re getting all of the benefits you deserve. The service is free and there’s no obligation to enroll.

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