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    Prescription Drug Plans

    The Medicare program is made up of four parts, one of which is Medicare Part D—prescription drug plans. It is important to understand how each Medicare part works in order to choose the right Medicare prescription drug coverage.

    Recipients of Medicare coverage are also eligible to receive Medicare Part D. A few of the features of Medicare Part D include the following:

    • Helps Cover the Cost of Prescription Medications
    • Part D Coverage is Offered as a Stand-Alone Plan
    • Possible Complement to a Medicare Supplement Plan
    • Possible Complement to a Prescription Drug Benefit such as Part C or MA-PD
    • Specific List of Approved Drugs the Plan Covers Called a Formulary or Drug List

     

    While all Part D prescription drug plans in Prescott, Cottonwood, Camp Verde, and Sedona are approved by Medicare, the plans are different. The costs of the plans vary, as well as the drugs that are covered under the plan and the services that are offered. This means there are many factors to consider when you choose a Medicare Part D Plan.

    Just a few of those include the following:

    • How Often You Use Prescription Drugs
    • The Types of Drugs You Take
    • Whether You Take Generic or Brand Name Drugs
    • The Co-pay and Co-Insurance Amount for Each of the Part D Coverage Stages
    • Do You Prefer a Yearly Deductible and a Lower Monthly Premium?
    • Do You Prefer a $0 Deductible with a Higher Monthly Premium?

     

    The costs of Medicare Prescription Drug Plans vary and come with different lists of drugs (formularies) that are covered under the plan. Most Plans divide the drugs up into at least four categories, with a different price for each category. Depending on the type of medical conditions you have, you will want to choose a plan with the most affordable prices for the drugs you take.

    As you can see, not all Medicare Part D plans cost the same or offer the same coverage options. It is important to determine your individual needs, so you can choose a Part D Plan that fits you and your budget. At Adler Insurance Inc. in Prescott Valley, AZ, it is our goal to help you find the right prescription drug benefits. Let us help you learn what your options are and help you choose the right Plan.