Prescription Drug Plans

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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.

Give us a call at 479-273-1421 to schedule a personalized consultation and create a health care plan for your retirement