Choosing a Medicare drug plan (Part D) is complicated. You need to consider what drugs you take, whether you need brand name medications or generic ones, and if your medications require any special approvals. Then, you need to review your options by what your total annual costs are likely to be:
- Lower-cost plans are ideal for people taking generic prescriptions or none.
- You will not pay much monthly and have coverage if you do need to suddenly fill prescriptions.
- There are other plans with higher monthly premiums but offer better coverage for someone taking several expensive or brand-name medications.
- Also, make sure the plan’s formulary covers your medications!
You should review your prescription drug plan as your needs change. There is an annual Medical open enrollment from Oct. 15 to Dec. 7 to allow people to change their Medicare Prescription Drug Plan for the next year.