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7 Steps To Choosing The Best Medicare Part D Plan

drugs arranged in a D shape

At the beginning of every new year, your health insurance plan returns into the spotlight. Make sure that you signup for the proper Medicare Part D plan. Be aware of the restrictions, analyze all costs read reviews and much more. In this article you will find a series of tips that will help you to choose the proper Medicare.

Change Your Current Plan
If you don’t think that the Medicare Part D plan you’re on is the best one, there’s a chance that it’s not the best option for you in 2019. In fact, you may find out that your plan may no longer be an option. There are fewer plans offered than those available in 2016. Use the Medicare Part D plan finder to know which deals are available.
Look over your plan details. Some insurance companies include complicated wording with their benefit and pricing structures. Your plan could come with a higher coinsurance, copay, and deductibles than it did in the past. If you don’t understand your plan, call Medicare or talk to your insurance agent.

Consider Changing Pharmacies
You may not only need to change your plan, but you may need to change your pharmacy. Some people feel comfortable with their pharmacy. But restricting yourself to one pharmacy could cost you more money with your Medicare Part D plan. Some Medicare Part D plans have more discounts and offer more deals with certain pharmacies.
The best place to find a new plan is to visit Medicare.gov. You can also check out one of the many state health insurance assistance programs. With either option, you’ll be able to select more than one pharmacy. Check out your preferred pharmacies before making a selection. Then, you can get an idea of the different plans and their prices.
Compare each of the plans and their prices before making your selection. Using another pharmacy in your town could put more money back in your pocket. Your pharmacy could also provide help with your Medicare Part D plan. This option is only available with certain plans in which the pharmacy has a relationship with Medicare Part D.

Notice Any Restrictions on Medications
Pay attention to any possible restrictions in regards to your medications. Keep a list of your current medications available when visiting the website or visiting a local SHIP. One Medicare Part D plan could have its own policies in regards to some of the medications you take. You should also find out if a certain pharmacy has restrictions on any of your medications.
Some Medicare Part D plans require pre-authorization for certain drugs. That means your physician will have to approve the plan before prescribing you these medications. Some plans also give you the option of trying a generic drug before using a more expensive drug. Study the drug restrictions on each of these plans before making your decision.

Read Reviews for Each Plan
It’s very important to check out the reviews and ratings for each of these plans before choosing just one. Medicare rates the performance of each of their Part D plans on a five-star rating system. These ratings are based on a number of criteria, including customer service, drug pricing, member complaints and member experience with the plan.
Observing each of the plan’s five-star rating can help you detect the poor plans.
However, this shouldn’t be your only determining factor for choosing a plan. A four-star plan could meet all of your personal needs and provide lower costs that a five-star plan couldn’t.

Compare All of the Costs
Factor in all of your costs. Not just the premium costs. It may seem easier to choose a plan with the lowest premiums, but it’s not always the smartest option. The premium is only a small factor in choosing the right plan. Check out all of the costs, including coinsurance, copayments, deductibles, and other medical expenses.
Compare them to your spending from the previous year. If possible, estimate each of the plan’s costs can help you choose a plan that’s more affordable even if its premiums are higher than others.

Consider Medicare Advantage Alternatives
Medicare Part D is not for everyone. You may want to choose a Medicare Advantage alternative that could be the best alternative for everyone. Use the Medicare.gov website to view available plans that offer drug coverage in addition to the Medicare Part D plans. Make note of the coinsurance, copayments, deductibles, and monthly premiums for each of these Medicare Advantage alternatives.

Don’t Automatically Choose Your Spouse’s Plan
It may be easier to choose your spouse’s plan, but it’s not always the best option. What works for your spouse may not work for you. Keep this in mind when shopping for a Medicare Part D plan. It may seem convenient to have both you and your spouse on the same plan, but it could cost you more money if you take different medications. Plans vary upon the benefits they provide. Your spouse’s plan may not fit your needs.

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