How do I pick a plan?

Picking a Medicare Drug Plan is not easy. There are a lot of factors that determine which plan is best suited for each individual. 

There are two ways a Medicare beneficiary can get Part D coverage. 

1. By enrolling in an Individual Medicare Prescription Drug Plan (PDP)
2. Or by enrolling in a Medicare Advantage Plan with Prescription Drug coverage (MA-PD).

PDP(s) are individual free-standing drug plans intended to provide prescription coverage for Beneficiaries who received their hospital and medical benefits from original Medicare, an employer, Union, Medicare Cost Plan, or Medicare Private-Fee-for-Service without prescription drug coverage.

MA-PD(s) are Medicare approved health plans that combine a beneficiary’s hospital, medical, and prescription drug coverage all into one plan.

Please click here to receive more information regarding MA-PD(s)

After a beneficiary decides how he/she wants to receive the prescription drug coverage, either with a PDP or MA-PD, the steps involved in picking a plan are very similar.

First, you make a list of the medications you are taking: the dose or strength of each, and how often (how many times a day) you take each medication.

After you make the list, decide what factors with your prescription coverage are important to you.   Here are some things to consider:

• Do you want a plan with or without deductible? Are you willing to pay a higher premium for increased benefits?
   
• Do you need a plan just for emergencies? If so you may want to go with a low premium plan that meets the creditable coverage requirement to avoid the Part D penalty and provides coverage if a person should need medications for other then maintenance reasons.
   
• Do you take multiple medications? If so, you will need to enroll in a plan that will provide you with the best overall coverage. A plan that will keep your “total annual drug Cost” at manageable amount. Find a plan that best balances the plan premium and cost of your medications. Look for a plan that covers as many of your brand medications in their "preferred brand" copayment tier as possible.
  
  
• Are your medications covered? Are they subjected to authorization requirements and or quantity limits with certain PDPs?
  
  
• Do you travel a lot or spend a good part of the year in two or more locations? If so, you may want PDP that is recognized nationally. 

Beacon Retiree Benefits Group can help you with these questions and more to find the plan that best suits your specific needs.  Please contact our office for further details:

Click here for a quick reference guide to some of terms used by PDP(s)