If you’re wondering how to choose a Medicare drug plan that works for you, the best way is to start by looking at your priorities. See if any of these apply to you:
- I take specific drugs.
Look at drug plans that include your prescription drugs on their formulary (a list of prescription drugs covered by a drug plan). Then, compare costs.
- I want extra protection from high prescription drug costs.
Look at drug plans offering coverage in the coverage gap , and then check with those plans to make sure they cover your drugs in the gap.
- I want my drug expenses to be balanced throughout the year.
Look at drug plans with no or a low deductible , or with additional coverage in the coverage gap .
- I take a lot of generic prescriptions.
Look at Medicare drug plans with “ tiers ” that charge you nothing or low copayments for generic prescriptions.
- I don't have many drug costs now, but I want coverage for peace of mind and to avoid future penalties.
Look at Medicare drug plans with a low monthly premium for drug coverage. If you need prescription drugs in the future, all plans still must cover most drugs used by people with Medicare.
- I like the extra benefits and lower costs available by getting my health care and prescription drug coverage from one plan, and I’m willing to pick a drug plan with restrictions on what doctors, hospitals, and other health care providers I can use.
Look for a Medicare Advantage Plan (Part C) with prescription drug coverage.
Now that you have some information for how to choose a Medicare drug plan, you may want to learn more about Medigap and Medicare drug coverage.