The Medicare Part D costs, and avoiding the ‘Medicare Donut Hole’ are among the most important issues for seniors today. If you are looking for information relating to the Medicare Donut Hole, then click here to go to our article regarding the Medicare Donut Hole and how to avoid it. If you are more interested in the other Medicare Part D costs, read on
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First of all, it is important to have an understanding of what Part D is and how you qualify. Medicare Part D is prescription drug coverage. You MUST have already enrolled in Medicare Part A and Part B in order to get Part D.
If you have a Medicare Advantage Plan (otherwise known as Medicare Part C, it is included in the policy).
The first step in evaluating your Medicare Part D cost is to pick your plan. However, we caution you NOT to make your choice based on price alone. You can use the Medicare Prescription Drug Plan Finder to find plans that are available for you.
When evaluating the plans, the single most important thing to evaluate is the formulary of each plan. The formulary is a listing of all of the drugs that this particular plan covers.
It doesn’t make any sense to pick the cheapest plan in your area if the drugs you are currently prescribed are not covered by that plan, does it?
Before making the call to the company listed in the Medicare Prescription Drug Plan Finder to enroll, you should get a copy of the formulary (or call the company and have them send you one) and then set an appointment with your doctor.
The reason for this appointment is for your doctor to help you evaluate the plans based upon your current prescriptions and your current medical history. As an example, if you are seeing your oncologist about cancer treatments, the cancer drugs you may currently be taking may not be on the formulary list, but your doctor may be able to switch your medications if your condition permits it.
Also, another example of the benefit of this meeting would be for your doctor to look at your current medical history and see what type of ailments you may be prone to in the future (ie: if your blood sugar level is high you could be in the high-risk category for diabetes).
Knowing this possibility exists, and your doctor knowing what medications you would be prescribed in that eventuality, the two of you can make a determination as to which of the drug plans would be best for you.
This decision is one of the biggest you will make in lowering your Medicare Part D costs. The policy you choose might be slightly higher than a competing policy, but knowing that your drugs are covered, or the drugs you may need in the near future are covered, will make a world of difference for you in the future.
