What Is This Plan Going To Cost You?

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What Is This Plan Going To Cost You?

It is important to consider costs when choosing a Medicare Part D Plan. There are a variety of things than can change your costs. One is if you do not have creditable coverage before signing up. Be sure you maintain your previous prescription drug coverage before signing up for a Medicare Part D plan. Know the details or you may wind up paying a penalty. Another issue is the drugs you take; are they covered by the plan you are considering. All plans have a formulary, a list of drugs they cover. This list is usually tiered and you should be sure of how much you will have to pay for drugs you regularly need. Plans also have different rules regarding different drugs. Special rules for drugs can change your costs. Know if there are any before signing up for a plan.

Also look at how much your monthly premiums, deductibles and other costs will be. Make sure the costs balance. If you have a low monthly premium but a high deductible it could wind up costing more. Also, where are the doctors and hospitals associated with the plan (if you are required to use a network)? Can you get to these locations easily and cost effectively? If the cost of getting to the doctor adds significantly to your expenses a different plan might make more sense. This is also true for pharmacies. And find out if you can get prescriptions through the mail.



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