The Medicare Part D formulary is the single most important aspect of your prescription drug coverage, not the cost of the plan.
I am going to go over how to determine which plan is best for you and the best ways to use the formulary to avoid the Medicare ‘donut hole’.
Now, these plans are not all that expensive…they can vary from $30 to $50 a month and the co-payments are reasonable…and are typically anywhere between $1 and $10 per prescription.
Video Overview of Medicare Part D Formulary
But when you are choosing a plan for you, the most important thing is not the premium. It is the Medicare Part D formulary.
The Medicare Part D formulary is the listing of the prescription drugs that are covered by a particular plan.
So this is the first thing to check with any plan…making sure that the medications you are currently prescribed by your doctor are covered.
Next, you should sit down with your doctor and review your current health situation, because your doctor will be in a position to give you information about any medications you may need in the future. These should also be covered by the Medicare Part D formulary.
And one last bit of advice, especially when it comes to dealing with the dreaded ‘Medicare Donut Hole’ it is important for your doctor to prescribe you the generic equivalents of brand name drugs whenever possible.
The FDA has certified that these medications are just as effective as their brand name counterparts1 and are significantly cheaper.
So how do you go about picking the right policy for you? The best place to look is the Medicare Part D formulary finder.
This is an interactive guide that will show you the most up-to-date plans in your area, but also lets you input the drugs that you are currently taking so that you get the right type of results for you. You know that the plan finder only gives the plans that fit your needs.
- You will first enter your zip code.
- Then you will create your drug list, a list of all of the medications you are prescribed.
- You will then receive a list of the plans that are approved for sale in your area, the cost of each plan, whether the plan features the ‘Donut Hole’ or not, customer ratings, the number of pharmacies in your area that you can use and the customer service number for the plan.
And you will use this information to pick the plan with the best Medicare Part D formulary for you.
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