How Do I Find the Best Medicare Part D Drug Plan?
Medicare Part D is your prescription drug coverage, and it goes by many names. So, if you see any other terms, like Prescription Drug Plan or PDP, you’ll know it’s referring to your drug coverage with Medicare.
There is only one time of the year when you can make changes to your Medicare Part D drug plan, and that's during the Medicare Annual Open Enrollment Period. Open enrollment lasts from October 15-December 7 each and every year.
Disclaimer: We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1-800-MEDICARE to get information on all of your options.
Why Review My Medicare Part D Plan?
Reviewing your drug plan during this annual enrollment period is extremely important, because drug plans change every year. This means your plan will likely make changes to the following:
- Monthly premium
- Deductible and coinsurance
- Copays
- Pharmacy networks
- Drug formularies and drug tiers
For example, if you have the 2020 Mutual of Omaha Rx Value drug plan (about $23), you will automatically enrolled in the 2021 Mutual of Omaha Rx Plus plan (about $74). It's about a $50 premium increase in 2021 unless you change plans between October 15-December 7.
Benefits and prices can and do change every year, not to mention that the prescriptions you take might have changed as well.
This all boils down to one thing: reviewing your drug plan can potentially save you money. If you don’t review your drug plan, there’s a chance that your drug prices for the following year could be much higher than you expected.
Finding the Best Medicare Prescription Drug Plans
There are 34 PDP regions nationwide, which means where you live will dictate which plan options are available. There are nearly 1,000 Part D drug plans available for 2021, and they aren't one-size-fits-all.
The types of prescriptions you take are going to be the single largest influence on your total costs for the year.
Medicare.gov updated its Plan Finder tool last year, making it easier than ever to run a drug comparison.
Simply go to Medicare’s Plan Finder tool and start by entering your zip code. The system will prompt you through the rest of the steps. The first plan to appear is the lowest cost plan.
Rest assured we have licensed insurance agents who can offer a free drug plan comparison. We go through these same steps but can help with common pitfalls, including:
- Ensuring you know which pharmacy is preferred in-network, which can save you thousands
- Ensuring you're choosing a reliable carrier with a great track record
- Ensuring your specific prescriptions will be covered by the plan
- Explaining what your monthly costs will be, both in premium and at the pharmacy
While you can do this on your own, why would you when we offer this service for free? Call us at 833-801-7999 for help!
The Best Drug Plan With the Lowest Price
Once you enter your zip code, the prescriptions you take, and your preferred pharmacies, you’ll get this big list of drug plans, probably somewhere between 20-40 plans. They are automatically sorted by lowest annual cost, so the plan at the top of the results page is the most competitive.
Many individuals get hung up on the monthly premium, but don't make that mistake! Premiums are only one part of your healthcare expenses. You also have deductibles, coinsurance, and copays at the pharmacy counter.
Don’t make the mistake of choosing a plan because it has the lowest monthly premium only to find out later that your deductible is absurdly high. Instead, you want to find the plan that will have the lowest out-of-pocket costs for the year. Medicare's Plan Finder makes this easy by taking all of your costs into account and sorting the plans accordingly.
Additionally, take note of the plan rating.
Sometimes, a low rating can mean that a company has bad customer service or their rates go up unexpectedly in the middle of the year.
A company with a 4 or 5-star rating often means that their customer service is reliable, and the rates tend to stay the same. There are always exceptions to this rule, but this is the general rule of thumb.
It’s somewhat of a balancing act, but try to choose the plan that has the lowest annual cost with the highest overall star rating.
Get Help With Your Medicare Part D Drug Plan
We give all of this information to you so that you feel empowered and can take charge of your insurance options and costs.
However, you should always know that you don’t have to navigate Medicare – or your drug plan – by yourself. That’s why we exist!
We have a team of licensed agents that run drug comparisons all the time. We’re very familiar with how the system works, what you need to look out for, and which plan will suit you the best.
If you would like help with your Medicare drug plan, please contact us at 833-801-799. Our help is always free, and there are no strings attached.
How to Compare Drug Plan Costs
Comparing drug plan costs can seem challenging, but the Medicare Part D Cheat Sheet gives you the power to do it on your own.
Download Your Cheat Sheet Now
Our team of dedicated, licensed agents can help you as little or as much as you need. Whether it’s answering a few questions about Medicare or creating a comprehensive Medicare Planner with you, we are your Senior Allies.
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