Medicare can be very confusing, especially for seniors just hitting age 65. There is a lot of misinformation out there and marketing gimmicks to get seniors to sign up for all sorts of medicare insurance.
In this no nonsense guide we are going to go over one of the most important aspects of Medicare, Medicare Part D, otherwise known as the prescription drug part of Medicare.
Read on to find out tips to save and our top insurance company picks for your Part D coverage.
Table Of Contents
- What is Part D?
- How Much Does Medicare Part D Cost?
- Medicare Part D Companies
- How To Sign Up
- Free Prescription Drug Card
- More Tips To Save
What Is Part D?
Medicare Part D is simply the part of Medicare for your medications and prescriptions. This is not covered by original Medicare that you sign up for when you turn 65. Medicare Part D is completely optional.
Medicare Part D plans that insurance companies sell require a low monthly premium and in return the insurance company will pay most of the cost of the prescription, while you may pay a small co-pay.
If you have Medicare supplemental plan this will be separate from that plan.
How Much Does Medicare Part D cost?
In most states you can find Medicare Part D plans for about $15/month. According to the Kaiser Family Foundation, premiums range from $5.70 to $205.30/month, but these are outliers.
Medicare Part D Plan Providers
The differences between companies for Part D plans are very small and you will find that most of the benefits are almost identical. This makes choosing a Part D plan very easy. Below are some of our top picks for Medicare Part D.
1) Aetna Medicare Part D
Aetna offers three different types of plan depending on your risk tolerance, with lower premium plans having a higher deductible and copays.
- SilverScript Smart RX – The cheapest of the three in terms of monthly premium, the Smart plan has the highest deductibles.
- SilverScript Choice – A moderate options, the Choice plan has higher monthly premiums with moderately high deductibles.
- SilverScript Plus – The Plus plan is very expensive in monthly premium but has a $0 deductible. This can be good for people who have very expensive medications that they fill regularly.
All of Aetna’s Medicare Part D plans are very straightforward and easy to understand.
2) Cigna Medicare Part D
Cigna Medicare Part D covers the most amount of prescriptions of any company. They also offer three different levels of plans.
- Essential Plan – The cheapest of the three plan with the highest deductibles.
- Secure Plan – Cigna’s moderate plan with moderate premiums and deductibles.
- Extra Plan – The Extra Plan premiums spike to $68.10/month, but this comes with no deductibles or co-pays.
Cigna is a great option for people who have very rare or uncommon prescriptions that they might need filled, as their formulary for prescriptions they cover is unrivaled.
3) AARP Medicare Part D
AARP was founded with seniors in mind, and their products resemble that to this day. They provide you with free Medicare guides and tools to make the best decision. They offer their plans through United Healthcare.
One concern with AARP is that their formulary is not as big and your prescriptions might not be covered if they are uncommon. Check your prescriptions to see if they are covered before moving forward.
AARP is nationally recognized and will provide the most in-depth information on their Medicare Part D Plans.
4) Humana Medicare Part D
Humana has the smoothest process for signing up for a Medicare Part D plan of all of the companies. They have put a lot of resources into ease-of-use and their website is very simple. They also have a savings partnership with Walmart if you get your prescriptions filled there.
- Basic Plan – Their cheapest plan with the highest deductibles.
- Moderate Plan – Their moderate plan with moderate deductibles and co-pays.
- Comprehensive Plan – This plan can be very expensive for most people, however their first two coverage options fit most people’s needs.
Overall, Humana is a great company and has the most simple process, with potential added savings if you use Walmart.
How To Sign Up
Signing up is very simple, just give us a call or fill out our contact form. You will need your list of prescriptions to make sure that the plan and company takes your prescriptions.
You can sign up for Medicare Part D plans with any company during the following times.
- Three months before or after you turn 65.
- Three months before or after you claim disability.
- Open Enrollment Period – October 15 – December 7.
If you want to change prescription plans you can do so any time during the Open Enrollment Period. Coverage begins on January 1 of the next year.
Free Prescription Drug Card
Many seniors also use a free prescription drug card to further save on their prescriptions. Many times the retail price you pay with this card can beat insurance and save you money.
Just keep in mind that any time you use the free prescription drug card this does not count towards your deductible for Medicare Part D. For most people this is not an issue but you should be aware.
If you want a free prescription drug card to further save on prescription we can send you one via email. These are only offered through partnerships that we have with various prescription drug card companies. Just give us a call or fill out our quote form and we will be in touch shortly.
More Tips To Save
To save the most money on your prescriptions and Medicare in general, you need to work with an independent broker like Seniors Mutual.
Our time and service is completely FREE. You pay the same for any product no matter who you use or go through.
We have helped thousands of seniors navigate Medicare and planning for the golden years. Give us a call today or fill out our quote form and we will help you with any questions and recommend the best path forward.