Medicare FAQs: Cost of a Medicare Prescription Drug Plan

Medicare FAQs: Cost of a Medicare Prescription Drug Plan

One of the biggest things to consider with Medicare is the cost of the prescription drug plans. Here are some frequently asked questions on the topic:

What are monthly premiums?

With insurance companies, with insurance coverage, you’re going to want to consider the cost of the plan. In general, the premium for the prescription drug coverage and of course they vary by insurance company. So you may have one company that has a low premium and another company may have a higher premium. So obviously the cost or the premium of the plan is one of the most important factors when choosing a prescription drug plan.

Is there an initial deductible?

Again that depends on the coverage. The insurance company that you’re looking at, the private drug plan. Some plans actually have a deductible. The standard deductible this year is $400. But you will see some plans that don’t have any deductible for the year. So that may be appealing to some people.What are the co-payments or car insurance that you

What are the co-payments or co-insurance that you pay?

When we’re talking about considerations when choosing a plan some plans have higher co-pays. In a previous frequently asked question, we talked about the pricing tiers. So what sort of certain plans have tier 1 generics, tierr 2 preferred generics brand names that sort of thing. You want to carefully shop and look at the co-pays or your part of the prescription cost when you’re choosing a plan.

What are the plans coverage limits?

You have different amounts that you pay. And you have different phases that your planing will go through. These are all standardized.  You have an initial phase, and you have the famed donut hole phase, or “catastrophic phase”. And so there are different coverage limits that you’ll see with the plans and they’re usually standardized but you should shop carefully for each each of these limits.

Is there any prescription drug coverage in the donut hole?

Most plans do not have to have any coverage during  the donut hole. Which really means it’s a coverage gap. and it’s common with prescription drug plans. So that’s one of the several factors that you want to consider when you’re really thinking about the cost of prescription drug plan.

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This article was revised on 4/12/24.

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