For Medicare Part D, why would someone pick a plan with a high total cost?
Answered by 15 licensed agents
Answered by Brian Moore on March 26, 2025
Broker Licensed in OH
Answered by Karen Marriner on March 27, 2025
Agent Licensed in CA
Answered by Lt Col Tim Brown on April 28, 2025
Broker Licensed in TN, AL, CO & 10 other states
Answered by James Carlson on March 27, 2025
Agent Licensed in MN
Answered by Christopher Palazzini on March 25, 2025
Broker Licensed in FL, CA, GA & 6 other states
Answered by Joseph Meyers on March 25, 2025
Broker Licensed in MI & TN
In order for you to find the best plan for your prescription drug coverage, I suggest working with an advisor or use a self-help tool that takes into account the many variables that go into calculating your estimated total annual drug cost. These variables include not only your specific medications, dosages and quantities, but also the monthly premium for the plan, any deductibles in the plan, the plan's co-pays by Tier and the government's $2000 maximum out of pocket calculation. For people who have lots of prescriptions and expensive prescriptions, the plans with higher premiums will likely be a better fit since some high premium plans have no deductibles, and this makes a difference.
If you find prescription drug pricing complicated, it is! Be sure to do the analysis before choosing your plan. Choose the plan that provides you with the lowest estimated annual drug cost!
Answered by Rose Cahill on April 21, 2025
Agent Licensed in MA
Answered by Gregg Matheny on March 26, 2025
Agent Licensed in AZ & UT
Most people are better off with a Medicare advantage plan covers their drugs with the plan.
Answered by Jim Willis on April 29, 2025
Broker Licensed in AZ, CA, CO & 12 other states
Answered by Morgan Greer on March 25, 2025
Agent Licensed in KS & MO
Here's a more detailed explanation:
Lower Copays/Better Coverage:
Some plans may have higher monthly premiums, but they offer significantly lower copays for certain medications, potentially saving the individual a lot of money in the long run.
High-Cost Medications:
If someone takes medications that are in the higher cost tiers (brand name vs. generic, specialty drugs), a plan with lower copays for those drugs can be a good value, even with a higher monthly premium.
Income-Based Premiums:
Some individuals may pay a higher premium based on their income, regardless of which plan they choose.
Value-Oriented Approach:
Some individuals may be willing to pay more for a plan if it offers better coverage or lower out-of-pocket costs for the specific medications they need, even if it means a higher monthly premium.
Avoiding Late Enrollment Penalties:
If someone is delaying enrollment in Part D, they may have to pay a late enrollment penalty in addition to their monthly premium, which could make it more cost-effective to enroll in a plan with a higher premium now.
Answered by Fred Manas on May 14, 2025
Agent Licensed in NY, CT, DC & 7 other states
Answered by Mike Henry on April 10, 2025
Agent Licensed in TX
1. Number of drugs covered.
2. Deductible or not before the plan starts to pay.
3. Copay or percentage of drug cost?
4. What drug stores take it.
5. Monthly premium.
Example: A new client told me his drug plan did not cover 2 of his drugs. That means there is no cap on what those drugs could cost annually. He was going to pay a little over $15,000 annually. We found a drug plan that cost him $100 more per month but his drug plan cost for the year went down to $475.
He had to pay more per month but saved over $14,000 in drug cost!
Sometimes it pay to pay more to save a bundle over the year!
Answered by Wild Bill Anderson on April 14, 2025
Broker Licensed in CA
Answered by Jill Belvin on March 24, 2025
Agent Licensed in TX, AZ, FL, MI & NJ
Answered by Cathy Reeck on March 18, 2025
Broker Licensed in GA, AZ, MD & NC, PA, SC & TN
Tags: Medicare Part D Prescription Drug
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