7 Things to Know About Part D

Number 1, you can get flexible coverage. You can choose from a variety of prescription drug plans and companies to find coverage that meets your needs. 

Number 2, Save money. Matching your prescription drug plan with the medications you need may help keep your out-of-pocket costs low. 

Number 3, avoid penalties. You may owe a penalty if you don’t enroll in Medicare Advantage or a prescription drug plan. 

Number 4, keep prescription drug costs affordable. Consider your total out-of-pocket costs when looking at drug plans, not just premiums. You can use our Medicine Cabinet tool to see estimates for the drugs you take and get a full breakdown of the costs. 

Number 5, consider drug tiers. Prescription drug plans place different drugs into tiers. The tier your prescription falls into impacts your share of the drug’s cost, with drugs in higher tires usually take and get a full breakdown of the costs. 

Number 6, use generics. We recommend using generic drugs whenever possible because they’re often less expensive. 

And finally, number 7, avoid the Part D penalty. Even if you aren't taking medications now, we recommend you consider getting a drug plan during your initial seven-month enrollment period. If you don’t have creditable drug coverage when you first become eligible and need to buy it later, you may be required to pay a penalty as part of your monthly Part D premium. 

Conclusion: 

Part D of Medicare is often over complicated, keep it simple and keep the 7 tips for Medicare Part D handy. Don’t forget the 2021 Medicare Annual Election period is fast approaching, click the link below to schedule a free consultation and find the Medicare plan for you.

Learn more about Part D HERE