When you become eligible to enroll in Medicare, you’ll have many choices to make to ensure that the coverage you receive best meets your needs. Picking a plan can be overwhelming, but it’s worth taking the time to evaluate each available plan’s benefits so you have peace of mind that your health will be taken care of. One benefit to consider is prescription drug coverage.
While Original Medicare (Part A and Part B) doesn’t cover all prescription drug costs, Medicare Prescription Drug Plans—also known as Medicare Part D—help cover the cost of prescription medications, giving you broader coverage and potentially saving you money. Here, we’ve gathered some tips to help you find the right Medicare Prescription Drug coverage.
Tip 1: Know Your Medicare Prescription Drug Coverage Options
When evaluating prescription drug coverage through Medicare, you’ll typically have two options: a Medicare Part D Prescription Drug Plan or a Medicare Advantage plan.
Medicare Part D plans can be purchased either standalone to supplement Original Medicare or to accompany a Medicare Supplement plan. Medicare Advantage plans provide an alternative to Original Medicare and may also offer prescription drug benefits, giving you the option to have your healthcare and prescription drug benefits covered under a single plan.
Tip 2: Consider the Cost of Your Prescription Needs
While comparing prices for monthly premiums is useful, you should also consider the total cost of your prescriptions. Some Part D plans may have low premiums but higher copayments, so they may not actually help to reduce the overall cost you pay for prescriptions. To help your costs stay consistent throughout the year, look for low-deductible plans or plans with additional coverage in the coverage gap.
Tip 3: Make Sure Your Prescription Drugs Are Covered
Before you select a plan, you’ll want to make sure any prescription drugs you currently take will be covered. Providers of both Medicare Part D and Medicare Advantage plans must disclose the specific drugs your plan of choice covers. Comparing the list of covered drugs with the medications you currently take will help ensure you can continue to access your prescriptions. It can even help you avoid an increase in cost, as you may have the opportunity to switch to a generic version of your current medication, which typically costs less than name-brand drugs.
Tip 4: Know When You Can Switch Medicare Prescription Drug Plans
It also helps to know the specific times you can and can’t adjust your Medicare benefits. Reviewing the Medicare Enrollment Periods can help you prepare for the best time to add supplemental plans to your Medicare coverage. And, shopping around for new or better coverage could help you save money and potentially increase coverage, ensuring you can access the benefits available to you at an affordable price.
Tip 5: See if You Qualify for Additional Benefits
Those who have both Medicare and Medicaid are sometimes eligible for different or additional benefits depending on their income level. There are several Medicare Savings Programs (MSPs) that can help qualifying individuals afford Medicare coverage. Exploring these programs can help you access the care you need at a price you can afford.
Have questions about your prescription drug coverage? Let SelectQuote help.
Making sure you’re getting the right Medicare Prescription Drug coverage can help give you peace of mind and support your overall health. At SelectQuote, we quickly and easily compare Medicare Advantage and Supplement plans, finding affordable coverage that meets your needs. We’ll take the time to learn about your specific situation, helping you find the right plan so you can access the medications you need to stay healthy.
