The cost of living is through the roof, your investments are taking a hit and you’re probably not getting a raise in your Social Security. Now is the time to compare 2013 Part D plans in order to find the plan that will cost you the least and still cover all your required drugs.
2013 Part D premiums range from less than $20 to over $100 per month. But in order to accurately assess plans for total annual cost you will need to dig a little deeper.
This article will point you in the right direction regarding the factors that you need to take into consideration to find the Medicare Part D plan with the lowest overall cost.
Comparing Part D plans to determine your costs
Part D plans are State specific so what your friend or family member in another State may have is not relevant. Not only can premiums vary form State to State but the Part D formulary can be different as well.
When comparing plans consider these factors:
- More important than premium is the plan’s formulary. The Part D formulary is the list of drugs covered by a specific plan. Formularies vary from plan to plan. A plan’s formulary is also the major determinant of monthly premium. The drugs covered by a plan directly relate to overall cost, either in increased monthly premium or the cost of paying for a drug if it is not included in the formulary.
- Whether or not a Part D plan for 2012 has a deductible will also factor into your overall cost. The allowable amount for a deductible has increased $5 in 2013 to $325. Medicare Part D plans may have a deductible ranging from $0 to $325.
- Copayment and coinsurance amounts must be factored into a plan’s cost. Some plans such as Humana Walmart-Preferred Rx (PDP) will have a lower copay if you use preferred pharmacies.
- Some plans will offer a mail order pharmacy option that can save you money by providing your tier 1 drugs at a $0 copay. It’s smart to use a mail order option for all drugs that you regularly are required to take. You will generally receive 3 months supply for what you would pay for 2 months supply at a retail pharmacy.
Compare Medicare Plans Without Submitting Your Info Online – Call (888) 310-0376
2013 Part D initial coverage limit, coverage gap and catastrophic coverage
Since the Medicare Part D program is regulated by the federal government some aspects of Part D plans will be the same from plan to plan. The maximum deductible amount, the initial Part D coverage limit, when you reach the coverage gap and when you reach the catastrophic coverage phase will be the same from plan to plan.
Recent health care reform will give you some relief if you reach the Part D donut hole. Your brand name drug will be covered 47.5% and your generic drugs will cost you 79% of the normal price.
To compare plans you can shop online or visit the Medicare website and navigate to available plans in your State. Taking all of the above factors into consideration will allow you to take all costs into consideration when you compare 2013 Part D plans.