6 tips for choosing Medicare drug coverage

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 [glossary]

, 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.