9 Tips for Comparing Part D Plans
- Check your current medication list against the formulary list for the compared plans. Make sure your medications are covered under the formulary, especially tier 2 and higher drugs.
- Does the plan have a deductible? If so, how much? Are tier 1 generic drugs subject to the deductible?
- Does the plan provide any coverage through the Donut Hole (coverage gap)?
- Are the pharmacies that you use most frequently included in
the plan’s network?
- What is the monthly premium for the plan?
- At what dollar amount does the “Donut Hole” begin? (some plans start at an amount that is less than the “standard” ($2510 in 2008), which could mean you enter the donut hole sooner)
- Does the plan offer discounts for three months supply and, if so, is this discount available through your local pharmacy as well as through mail-order?
- Do medications you take have qualifying requirements such as “Prior Authorization”, “Quantity Limits” and “Step Therapy?” If so, these are terms you may need to understand.
- Check the plan’s negotiated price for your medications. A large disparity in this area could impact whether you fall into the “Donut Hole” or not.
When you compare plans make sure you look at all of the pricing
components: monthly premium, deductible, co-pay, and gap coverage.
Only when you look at all the factors together do you get a true
comparison of the plans and which one is right for you.
Longevity Alliance can help you answer these questions and find
out which Medicare
Part D Plan or Medicare Advantage Plan is right for you.
Complete our Health Insurance Assistance Request Form.
We staff licensed professionals who are trained to help you find
the right Medicare Advantage and Medicare Part D Plans based on your
needs.
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