Each insurance plan can vary in cost, deductibles, co pays and drugs covered. You need to choose an insurance plan that includes your prescriptions at their lowest co pay cost and take into account the overall annual insurance plan cost for your prescriptions.
There are two ways to get Medicare prescription drug coverage:
- Medicare D as shown: These insurance plans, Medicare D, (sometimes called “PDP’s”)
- Stand alone Medicare Prescription Drug Insurance Plans. These insurance plans (sometimes called “PDP’s”) add drug coverage to your Original Medicare, or some Medicare Cost Plans, or some Medicare Private Fee-for-Service (PFFS) Plans, or Medicare Medical Savings Account (MSA) Plans.
- Included with a Medicare Advantage Insurance Plan (like an HMO, PPO, or PFFS) or other Medicare health plans. You get all of your Part A and Part B coverage, in addition to prescription drug coverage (Part D), through these plans. Medicare Advantage Plans with prescription drug coverage are sometimes called “MA-PDs.”
Both types of insurance plans are called “Medicare Prescription Drug Insurance plans”. Even if you don’t take a lot of prescription drugs now, you should still consider joining a Medicare drug Insurance plan. If you decide not to join a Medicare drug Insurance plan when you are first eligible, and you don’t have other creditable prescription drug coverage, you will likely pay a late enrollment penalty (higher premiums) if you choose to join later. These penalties are severe, 1% per month of the average price of all plans for life. Note: Discount cards, doctor samples, free clinics, drug discount websites, and manufacturer’s pharmacy assistance programs aren’t prescription drug coverage and aren’t creditable coverage.