Prescription Drug Plans (Medicare Part D)
When you are eligible for Medicare, you must sign up for a drug plan unless you have proof of coverage with another plan, such as drug coverage for veterans or an Advantage plan that includes a drug plan. Anyone without creditable coverage can and will be penalized under Federal law, according to a formula provided by Medicare.
Some of the factors to consider when choosing your Prescription Drug Plan (PDP):
- Premium costs
- Copays and deductibles
- Preferred and standard pharmacies (which vary by carrier and plan)
- Drug tier coverage (on a 5-level tier from generic to specialty)
- Your current prescriptions. You want to make sure these are all covered!
Prescription drug plan benefits and costs vary, but each plan is required by Medicare to maintain a formulary that meets the needs of its patients, and is required to give doctors the ability to require that you be given a specific drug formulation.