How to Compare the Rates of Medicare Part D

Medicare prescription drug plans, or Part D plans, offer comprehensive coverage. However, many people do not research plans before they enroll, leaving them with service denials and out-of-pocket expenses. Doing your homework ahead of time can save you a headache down the road.

Make an Inventory

• The first thing you should do when comparing Part D plans is make an inventory that lists all of the prescription drugs you take. The list should include the drug names, dosage, how often you take it and whether you can take a generic version of the drug. It may also be helpful to include a list of your preferred pharmacies.

Part D Plan Finder

• Medicare.gov offers a Part D plan finder tool that will ask you questions about where you live, your current drug coverage and about the drugs you take. The tool will give you a list of plans in your area and estimated costs. You can also compare the plans side by side. Look closely at the monthly premium, the annual deductible and what the generic and brand name co-payments will be.

Call the Companies Directly

• Call the plans directly to ask further questions. Double-check whether they cover the drugs you need, and ask if there are any restrictions placed on these drugs. Restrictions include things such as prior authorization, step therapy and quantity limits. These restrictions may cause you to pay for some of your prescriptions out of pocket if you are denied coverage.