Senior Insurance Blog

How Do I Find the Best Medicare Part D Drug Plan?

How Do I Find the Best Medicare Part D Drug Plan?

Medicare’s Annual Enrollment Period (AEP) is coming to a close, which means you don’t have much time to make changes to your Medicare Part D drug plan!

Medicare Part D is your prescription drug coverage, and it goes by many names. So, if you see any other terms, like Prescription Drug Plan or PDP, you’ll know it’s referring to your drug coverage with Medicare.

The AEP lasts from October 15-December 7, and it’s the only time of the year (outside of special exceptions) when you can make changes to your Prescription Drug Plan with Medicare.

Reviewing your drug plan each and every year is extremely important because drug plans are not standardized. This means that your plan will likely make changes to the following:

  • Monthly premium
  • Deductible and coinsurance
  • Copays
  • Pharmacy networks
  • Drug formularies and drug tiers

This all boils down to one thing: reviewing your drug plan can save you a lot of money. If you don’t review your drug plan, there’s a chance that your drug prices for the following year could be much higher than you anticipated.

Finding the Best Medicare Prescription Drug Plans

The best Medicare drug plans are going to vary by zip code. There are over 42,000 zip codes in the United States, which makes it difficult for us to make a blanket statement about the best drug plan on the market.

In addition, the types of prescriptions you take are going to have a massive influence on the overall cost of your prescriptions for the year.

For example, a random sample comparison that we did showed the cheapest plan being $174 and the most expensive plan being $1,567. That’s a huge difference, and that’s exactly why it pays to price shop!

It can be fairly easy to determine which drug plan will be the best drug plan for you, no matter where you live and what drugs you take.

If you’re somewhat tech-savvy, all you need to do is go to Medicare’s Plan Finder tool and start by entering your zip code. The system will prompt you through the rest of the steps.

However, we’ve found that many individuals get stuck in certain areas and don’t know what everything means, so we made a little cheat sheet for you! It’s a very simple step-by-step tutorial on exactly what buttons to click and what everything means for you.


The Best Drug Plan With the Lowest Price

Once you enter your zip code, the prescriptions you take, and your preferred pharmacies, you’ll get this big list of drug plans, probably somewhere between 20-40 plans. They are automatically sorted by the lowest out-of-pocket cost for the year to the highest.

Keep in mind that they’re not sorted by lowest premium, and you shouldn’t necessarily look for the plan with the lowest premium!

Premiums are only one part of your healthcare expenses. You also have deductibles, coinsurance, and copays.

Don’t make the mistake of choosing a plan because it has the lowest monthly premium only to find out later that your deductible is absurdly high. Instead, you want to find the plan that will have the lowest out-of-pocket costs for the year.

What you’re trying to do is find a drug plan with the lowest annual cost and the best rating.

Sometimes, a low rating can mean that a company has bad customer service or their rates go up unexpectedly in the middle of the year.

A company with a 4 or 5-star rating often means that their customer service is reliable, and the rates tend to stay the same. There are always exceptions to this rule, but this is the general rule of thumb.

So, it’s somewhat of a balancing act, but try to choose the plan that has the cheapest annual cost with the highest overall star rating.

Get Help With Your Medicare Part D Drug Plan

We give all of this information to you so that you feel empowered and can take charge of your insurance options and costs.

However, you should always know that you don’t have to navigate Medicare – or your drug plan – by yourself. That’s why we exist!

We have a team of licensed agents that run drug comparisons all the time. We’re very familiar with how the system works, what you need to look out for, and which plan will suit you the best.

If you would like help with your Medicare drug plan, please contact us. Our help is always free, and there are no strings attached.

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Medicare is confusing. The more you seek out information, the more overwhelmed you feel. You're definitely not alone.

We work with your best interest in mind, so while the decision will always be up to you, you’ll be empowered with knowledge that you can really understand and get behind.

At Medicare Allies, you aren’t just another transaction or a number in a system. You are an individual, and we will continue to develop a relationship with you and be there for you when you need us in the future.

So don't be shy – let us serve you.

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