If you’re wondering how to choose Medicare drug coverage that works for you, the best way is to start by looking at your priorities. See if any of these apply to you:
- I take specific drugs.
Look at drug plans that include your prescription drugs on their formulary (a list of prescription drugs covered by a drug plan). Then, compare costs.
- I want my drug expenses to be balanced throughout the year.
Check plans with no or a low deductible.
Consider participating in the Medicare Prescription Payment Plan. It works with your current drug coverage to help you manage your out-of-pocket costs for drugs covered by your plan by spreading them across the calendar year (January–December).
- I take a lot of generic prescriptions.
Look at Medicare drug plans with “ tiers ” that charge you nothing or low copayments for generic prescriptions.
- I don't have many drug costs now, but I want coverage for peace of mind and to avoid future penalties.
Look at Medicare drug plans with a low monthly premium for drug coverage. If you need prescription drugs in the future, all plans still must cover most drugs used by people with Medicare.
- I like the extra benefits and lower costs available by getting my health care and prescription drug coverage from one plan, and I’m willing to pick a drug plan with restrictions on what doctors, hospitals, and other health care providers I can use.
Look for a Medicare Advantage Plan (Part C) with prescription drug coverage.
Now that you have some information for how to choose Medicare drug coverage, you may want to learn more about Medigap and Medicare drug coverage.