5 Things You Must Know Before Choosing A Medicare Part D Plan
If you’re looking for Part D plans for the first time during your Initial Enrollment Period or are considering changing your plan during the Medicare Annual Enrollment Period there are a few things that you need to take under consideration.
Regardless of the plan you choose, saving money and adding convenience are always the main things you are looking for. To help you identify which plan will be the most suitable for you, we have made a list of 5 things you must know before you choose a Medicare Part D Plan.
Low or $0 Co-payments.
There are some Medicare Part D plans that offer $0 co-payments for certain drugs on their formularies. However, these drugs are usually in the lower tiers of a formulary. It’s possible that you may have to pay nothing out of pocket when filling prescription drugs that are commonly in tier 1 or tier 2 (generic drugs).
Drugs that are in tier 3, tier 4, or tier 5 or higher are usually brand-name drugs that cost more than generic drugs. Due to their higher placement in the plan formularies these drugs require increased co-payments.
Medication Home Delivery.
Medication home delivery sometimes referred to as mail order pharmacy is a plan benefit that may end physical trips to pharmacy or least reduce them. Such a service allows you to receive your medication at your doorstep and you are provided with a 90 day supply at a time.
It’s important to take this service under consideration when choosing a Medicare Part D plan as it may allow you to pay a lower cost than you would pay at a retail pharmacy and will add to your convenience as well.
Drug Pricing Tool
The Medicare Part D plans have a drug pricing tool that allows you to search for the medicines and their prices online before you actually fill a prescription at the pharmacy. It’s important to know that the pricing of each medication is dependent upon your specific plan and includes the cost for home deliveries and pharmacy pick-ups as well.
It’s a great feature to have on your Medicare Part D plan as some tools not only allow you to check the price of your medication, but also provide you with alternative options at varying prices and with additional information as well.
For those that are on a daily medication, it’s easy to lose track of refills. However, there are some Medicare Part D Plans that offer you refill reminders to help you stay on track with your medication.
Such refill reminders are sent to you by text messages, phone calls or emails. These plans also allow you to decide how far in advance you want to be reminded. Some of the plans also offer reminders for taking the medication as well as having them refilled. Losing track of daily medication is quite a common concern. Refill reminders can certainly add a great deal of convenience for you.
Automatic Drug Refills
Along with the refill reminder option some Medicare Part D plans also offer automatic refill programs. These programs allow you to sign up to have refills sent to you on an ongoing basis. Without having to worry about refills or running out of your medication this option can prove to be quite useful for those that are on a daily prescription.
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