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Medicare Plan Finder Tips

Published by Mike Lovell on

Medicare.gov Medicare Plan Finder Tips

Prescription medications can be a big cost for retirees.  Medicare Plan Finder can be a helpful tool to compare prescription drug plans so you don’t overpay.

But it can also be a really overwhelming experience if you don’t know what you’re doing.

So you can reach out to an independent broker like myself to help make the process much easier for you.  Or if you’d like to try on your own then here’s 7 Medicare Plan Finder tips to help you eliminate mistakes.

Here’s a video of me walking through the Medicare Plan Finder so you can see how I compare options for people.

Medicare Plan Finder Tips

Tip number 1 – Be prepared

Create a list of your medications you need covered.  This should include:

  • The name of the medication
  • The dosage of the medication
  • How often you need to take the medication (IE once a day or twice a day)
  • How often you fill the medication (IE 30 day or 90 day supply

This will make it much easier to compare plans because this is one of the key points that all of the plans will need to review.

Tip number 2 – Pharmacy

All prescription drug plans have networks.  This means there are only certain pharmacies you can use to fill your prescriptions under that plan.

But they also have preferred pharmacies.  So some pharmacies have MUCH lower costs to fill the same prescription.

An example could be CVS as a preferred pharmacy, but Walmart and Walgreens are standard.

If you aren’t willing to switch pharmacies then that is completely fine.  But if you are willing to be flexible, then that is important to know that too.

I’ve ran comparisons for people where switching a pharmacy saves them over $100 each month in copays for their prescriptions.

Tip number 3 – Sort by lowest total cost

The lowest premium plan may not be the lowest total cost for you.  So it’s important to compare plans by the lowest total cost.

What’s the lowest total cost include?

  • Monthly Premium
  • Any costs for filling prescriptions including deductible, copays, and co-insurance

The total cost is what is most important to consider.  That way you know all of your costs.

Tip number 4 – are all your prescriptions covered?

Medicare prescription drug plans have formularies.  This is a list of medications that are covered by that plan.  The list is quite large, usually 4,000 or more medications are covered by each plan.

But when you are comparing your options, it’s important to choose a plan that covers your prescriptions.

Otherwise you may end up paying for those medications on your own.  With no help from the plan you are paying a premium for.

Tip number 5 – Extra Help

Do you qualify for Extra Help?

This is a program which helps lower your costs for prescriptions.  The extra help can lower your monthly premium for a drug plan as well as any costs you have to pay to fill prescriptions.

Extra Help is based on your income as well as your assets.

But if you do qualify, it can be very helpful.

Tip number 6 – Donut Hole

When you are comparing plans, be aware of the donut hole.  Technically the donut hole is closed starting in 2020.

But that doesn’t mean you don’t have any costs if you reach it.

When you are in the donut hole, you may have to pay up to 25% of the cost of the medications.  This could be a big increase in cost depending on what you are taking.

So it’s good to know ahead of time that you will reach it.  I’ve had people who filled a medication with a $47 copay reach the donut hole then have to pay $400 for that same medication.

Tip number 7 – Part D plans vs Medicare Advantage plans

Standalone prescription drug plans and Medicare Advantage plans use the same system to compare prescription drug costs.  So it’s easy to get confused and be comparing your drug costs on a Medicare Advantage plan when you really want to be comparing standalone plans.

This is important because a Medicare Advantage replaces how you get ALL of your Medicare coverage.  Including hospitals and doctor coverage.

That may be what you are looking for.

But I’d hate to see you make a mistake and choose an Advantage plan when you were really looking for just a drug plan.

Now What?

Hopefully these Medicare Plan Finder Tips have been helpful.  But if this all sounds like too much work then please reach out to me right away at 608-571-4461 or Mike@askMedicareMike.com

I’d be happy to guide you through this process and make it much EASIER for you.  My help is free, and there’s no obligation.  Plus I’m an independent broker, so I don’t have a bias to sell you on one company.

Please include your phone number if you would like me to call you.