Have a question? Need help? Talk to a live agent Monday - Friday, 8:30 AM - 5:30 PM CST 800.806.1220
Health Life For Seniors

Finding A Medicare Part D Plan

There are different Medicare Part D plans. Each offers various benefits and savings for your prescription drugs. You'll find that if you need a Part D plan, some plans will work better for you than others.

Be sure you know which prescription drugs you need, and make sure they're all covered. And you should know what will fit into your budget.

How Do I Know If My Drugs Are Covered?

Every plan has a list of drugs that are covered. This list is called a formulary - when you are looking for a plan, check and make sure your prescriptions are on the list.

Sometimes certain drugs need to be approved prior to coverage - which means your doctor has to prove that your drugs are necessary for your health.

What Are My Costs?

The costs you will be responsible for with your Part D plan are the premiums, yearly deductibles, and co-payments or coinsurance.

  • Your premium is the monthly fee to keep your coverage in effect.
  • The yearly deductible is the amount that you have to pay before any coverage starts. For 2007, a deductible can be no more than $265.
  • After you have paid your deductible, the co-payments are the set amount you will pay for each prescription - your Part D plan will pay for the rest.
  • Coinsurance is a percentage of the shared bill between you and your Part D plan.

You can also save money on prescriptions if you buy generic drugs. They're just as effective and the co-payments are much less expensive than the name brand drugs.

Where Do I Get My Prescriptions?

You'll get your drugs at the pharmacies your Part D plan has contracted with. So make sure you can find your drugs at a pharmacy convenient for you. You also have the option to have your drugs sent to your home.

Finding the Medicare Part D plan right for your needs, your budget, and your location are all factors to consider when choosing a prescription drug plan. For even more advice, receive Medicare Supplemental Insurance Quotes and our professional agents will help you find a Part D plan that's best for you.