Medicare Part D Tips

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Exclusive Top 10 Tips For Medicare Part D

#1 Be sure to factor in co-payments and co-insurance and not just look at premiums when evaluating plans. A lower premium plan could actually cost you more over the course of the year as the amount you have to pay each time you go to the pharmacy (co-payments or co-insurance) may make the total yearly costs more than a higher monthly premium plan with lower copayments and coinsurance. Look for plans that have a cost estimator on their Websites to help you manage this process.

#2 Talk to your doctor and review your entire list of medications…even ones another physician may have prescribed. There may be medications that treat the same condition that you may be able to stop taking…or there may be generic versions that you may be able to take which are much less expensive.

#3 Check Websites to find price information about the cost of medications to see if there are other medications for your condition that might be less expensive. Many health plans have this information as well as State agency sites.

#4 Some Medicare Part D plans offer zero co-payment generic medications…check to see if the plans you are reviewing have this option.

#5 Customer service can really make a huge difference in how happy you are with your plan. Look for the "extras" a company , such as a 24 hour health information line where you can get answers to your health care questions, or discount programs for services such as health club memberships, accuptuncture or massage therapy, hearing aids or discount coupons for prescriptions. Depending on your needs, those things can add up.

#6 Ask "Can I get my medications through the mail?" If you are taking a medication on a long-term basis, check to see if your plan offers a mail-order pharmacy. Not only are these medications delivered right to your home, but they often cost significantly less when you fill a 3-month supply.

#7 Find out if the program you are considering will let you know when you’ve reached the coverage gap. Some plans offer programs with special notifications to let you know how close you are to the Coverage Gap (also known as the doughnut hole). These alerts can also tell you how to save on the medications you take regularly. Ask your Medicare Part D plan provider if it offers a gap alert program and ways to lower your out of pocket costs.

#8 Find out if the plan has a broad pharmacy network that includes the pharmacy you use? When you’re choosing a plan see if it includes both mail order as well as the retail pharmacy you use.

#9 Take travel into consideration. Many Medicare Part D plans are only effective in some parts of the country. Therefore, if you regularly travel to certain areas (such as routinely heading south each winter), it’s important to select a plan that will work in these other locations as well.

#10 Re-evaluate every year. Medicare Part D plans change their benefits every year, so it’s important to review your options annually. In fact, the best plan for you this year could actually be the worst plan for you next year

Bonus Tip Be wary of Medicare Advantage plans. Medicare Advantage plans are private health insurance plans that administer Medicare benefits. Although these privately-run plans sometimes offer additional services and coverage, such as gym memberships or dental and vision care, they often have very restrictive provider networks. After enrolling in one of these plans, you may discover that you can no longer use the pharmacy, doctor, or hospital of your choice. In addition, these companies often rely on high-pressure sales people to enroll new members.

Tips provided courtsey of Lindsay Shearer, Director of Public Relations for CIGNA; Woody Eisenberg, Chief Medical Officer, Medco Retiree Solutions; and Jacob Milbradt, PharmD, founder and president of MrMedSaver.com.

Read Our Top 10 Biggest Medicare Part D Mistakes To Avoid

Read Our Exclusive Interview With Medicare Part D Experts