How much does a Medicare Part D plan cost?
You should consider all aspects of a plan before enrolling. Sometimes a low monthly premium is associated with high deductibles, high copayments (fixed out-of-pocket costs), or coinsurance (a percentage of the cost of a medication). However, plans with higher premiums may offer added benefits like $0 deductibles, preferred pharmacy networks, lower copayments, and/or discounts for using a home delivery pharmacy. The size of a plan’s drug formulary (the list of covered drugs) contributes to a plan’s cost. A plan with a smaller, limited formulary is likely to have a lower premium. However, that also means that you could end up paying a great deal of money if you need a medication that is not on their drug list. Lastly, the level of customer service provided is also reflected in a plan’s cost. Plans that offer specialized Medicare advisors may cost more, but those plans provide you with access to a higher level of specialized service.