Medicare Part D – Prescription Drug Plans

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If you have a Medicare Advantage plan, you may already have Part D coverage bundled with your medical plan. If not, standalone Part D RX plans for seniors in Illinois can help you pay for prescriptions you typically pick up from a local or online pharmacy. If you don’t have drug coverage, you will have to pay the entire cost of most prescriptions, and you may get a penalty for enrolling in Part D late.

Examples of people who need Part D plans include those with only Original Medicare with a Medicare supplement. All prescription plans have to offer you a basic coverage level for medications. At the same time, plans may vary considerably by copays and even the kinds of covered medicine.

How Do Medicare Prescription Plans Work?

Each plan will have a list of its covered drugs, they refer to this list as a formulary.

Within the formulary, the plan will have distinct tiers of drugs that they may cover at different levels. For instance, you will usually pay much less for generic drugs than any other kind.

In addition, the insurer may categorize various prescriptions as preferred brand-name, non-preferred brand-name, and specialty medications. As you move up the tiers, you might have a higher copayment.

Before shopping for Part D Plans, list any prescriptions you presently take. That way, you can check them against each plan’s formulary.

Some plans, like the Blue Cross Blue Shield of Illinois plan, may also offer you better prices within their pharmacy network. In addition, you can choose between three levels of coverage. This gives you the chance to balance the premium against your anticipated drug coverage needs for the next year.

Blue Cross MedicareRx

Blue Cross MedicareRx offers Basic, Value, and Plus plan designs.

Low premiums and deductibles

Budget-friendly copayments

Comprehensive drug lists

Gap or “donut hole” coverage

Things to consider before choosing your plan.

Be sure you are eligible for Medicare.

If you’d like to enroll in a plan, make sure you’re aware of enrollment periods. Members may enroll only during specific times of the year.

Let Us Help

Our agents can work with you to make sure you figure out which Part D plan will help you save money and enjoy convenient access to good pharmacies. Contact us today at (855) 740-2227.

 

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