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Your Medicare Prescription Drug Plan might cover your prescription drugs with out-of-pocket costs that you can live with. But it’s possible that you can find a Medicare Prescription Drug Plan that still may cover your medications – but at a lower cost to you.
You can usually get Medicare prescription drug coverage in either of two ways.
Both types of plans are available from private, Medicare-approved health insurance companies.
Medicare Prescription Drug Plans aren’t “one size fits all.” Plans can have different costs, such as premiums, deductibles, and coinsurance.
But every Medicare Prescription Drug Plan has its own formulary. The formulary lists the prescription drugs it covers, as well as which cost tier each drug is in. So, if you’re looking for a Medicare Prescription Drug Plan, you’ll want to make sure it covers your medications.
Yes, Medicare Prescription Drug Plans can change their formularies. This is why you may not want to just sign up for a plan and forget about it, assuming the coverage will be the same year after year.
Every fall, every Medicare Prescription Drug Plan sends an Annual Notice of Change (ANOC) to every plan member. It may be wise to check your plan’s ANOC every year to see if your medications are still in the formulary, and whether there have been changes to your out-of-pocket costs.
A Medicare Prescription Drug Plan can change its formulary other times, too, for certain reasons – not just in the fall. A plan’s formulary may change at any time. You will receive notice from your plan when necessary.
Only you can decide whether you should change Medicare Prescription Drug Plans. Remember, it’s not just the plan premium you should consider. Compare deductibles, coinsurance, and copayments too.
Here’s one easy way to compare Medicare Prescription Drug Plans. Just enter your ZIP code in the box on this page and click the button beside it. You’ll see a list of stand-alone Medicare Part D Prescription Drug Plans available in your area. Click Add Rx Drugs to list your medications. This makes comparing plans even easier, because you can see if a selected plan covers your medications, and for what cost.
Note that from eHealth’s plan comparison tool, you can click the Medicare Advantage Plans box to display Medicare Advantage plans. The resulting list tells you whether the plan covers prescription drugs. Again, you can click Add Rx Drugs to list your medications.
Whether you’re enrolled in a stand-alone Medicare Part D Prescription Drug Plan or a Medicare Advantage Prescription Drug plan, there are specific times when you can switch plans.
You might be able to make other coverage changes during the AEP.
Do you have questions about Medicare Prescription Drug Plans? We’re here to help. Just call eHealth to speak with a licensed insurance agent.
eHealth's Medicare website is operated by eHealthInsurance Services, Inc., a licensed health insurance agency doing business as eHealth. The purpose of this site is the solicitation of insurance. Contact may be made by an insurance agent/producer or insurance company. eHealth and Medicare supplement insurance plans are not connected with or endorsed by the U.S. government or the federal Medicare program. We offer plans from a number of insurance companies.