Many Americans are struggling to pay for their medications. According to the Organization for Economic Cooperation and Development, the average American spends about $1,200 on prescriptions each year. For seniors, who often take multiple prescriptions while living on a fixed budget, the situation can be even worse.
Medicare Part D provides prescription drug coverage, but it leaves out-of-pocket costs. Savvy seniors need to understand how Medicare Part D works. The following videos will show you how to get the most out of your plan.
Medicare Part D – the part that covers prescription drugs – is a private drug plan that is separate from Medicare Part A and Medicare Part B. Watch this video to learn how and when to enroll.
Compare prescription coverage under different parts of Medicare.
Although Medicare Part D is your prescription drug plan, other parts of Medicare will provide drug coverage under certain conditions. Watch this video to learn more.
Find the best plan.
When it comes to Medicare Part D, you have choices – lots of choices. According to Kaiser Family Foundation, there are 901 prescription drug plans in 2019. In Texas alone, there are 27 plans. The plan you pick can have a big impact on the coverage you receive and the out-of-pocket costs you pay. Watch this video for six things to look for when selecting a plan.
See what’s covered.
Do you need coverage for a specific medication? Different plans have different formularies, or lists of covered prescription drugs. Watch this video to learn more about what’s covered under all Medicare Part D plans, as well as and how to get coverage for the medications you need.
Switch your plan.
If your needs change, a Medicare Part D plan that used to work well for you might not be a good fit anymore. You can switch your drug plan during certain times of the year simply by enrolling in a new plan, which will cancel the old plan. Watch this video for more details.
Switch or drop your plan.
You may want to drop your prescription coverage without enrolling in a new Medicare Part D plan. If so, the method is a little different than the method used to switch from one plan to another. Watch this video to learn both how to switch plans and how to drop your plan without enrolling in a new plan.
Lower your payments.
Do you wish you could pay less for your prescriptions? Many people pay more than they need to. Watch the video below to learn six ways to cut your prescription drug costs.
Need more help? Medicare prescription drug coverage is complicated, and you might not be able to get all the information you need from online articles and videos. Don’t worry. If you have questions or would like guidance, call PTT Financial.