3 common mistakes when shopping for a Medicare Part D drug plan
Are you getting ready to begin shopping for a Medicare Part D prescription drug plan? Or perhaps you’re just checking out drug plans during the Open Enrollment Period. Either way, steer clear of these three common mistakes.
- Judging plans by the premium only. Note other out-of-pocket expenses, such as the deductible, coinsurance, and copayments.
- Picking a plan with the lowest deductible. On average, those who did this overspent by more than $250.
- Not paying attention to the quality ratings. Go beyond the overall star rating to specific quality items, such as ease of getting prescriptions filled.
What factors should you consider?
- The first is to confirm that the drug plan covers all your prescribed medications.
- The second is checking your total-out-of-pocket spending, not just the premium or deductible.
The Medicare Plan Finder (www.medicare.gov) can help you with both these considerations. When working with the Plan Finder:
- Enter all your prescribed medications
- On the plan results page, pick there plans to compare
- Verify that the plans cover all your prescribed medications
- Look at the total drug + premium cost for each plan, and
- Check out the quality ratings.
Checking out plans and paying attention to your medication will help you choose the best option. If you are hesitant about doing this yourself, consider a review by the experts at 65 Incorporated.
Last updated: 12-05-2024