Sixty-Five Incorporated

Unbiased Medicare Help: (262) 223-3433


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.

  1. Judging plans by the premium only. Note other out-of-pocket expenses, such as the deductible, coinsurance, and copayments.
  2. Picking a plan with the lowest deductible. On average, those who did this overspent by more than $250.
  3. Paying $30-$60 more per month (in most cases) for coverage of medications in the donut hole. Only one-in-five drug plan members ends up in the Medicare Coverage Gap. And, in recent years, plans offering this benefit usually limit it to generic medications.

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 ( can help you with both these considerations. When working with the Plan Finder:

  • Enter all your prescribed medications
  • On the screen to refine your results, check the option to include all your drugs in the formulary, then
  • Look at the total annual costs for your medications in each plan. 

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: 08-27-2018