What's the biggest mistake seniors make when choosing a Medicare Part D plan?

Answered by 8 licensed agents

With the changes made in 2025 to the drug formulas and tears, it is wise to analyze all the plans. Cheaper premiums could cost you more in the long run at the pharmacy. I would always investigate the drug plans each year.

Answered by Larry Dalton on April 17, 2025

Broker Licensed in OK & TX

Answered by Larry Dalton Medicare Insurance Agent
Hello ,

On the Part D, (Prescription drug coverage).

I get a list of your prescriptions you are currently taking, then I go to the Medicare.gov

I check what plans cover the drugs and the pharmacies at the lowest cost, so you can get the best prices and control the budget for your cost for the year!

It is best to check all your cost at the pharmacy you use, (it might be costing you a lot, or it might be the best, the Medicare.gov site lets you know, call me, I can help!

Thx!

Answered by David Didier on March 26, 2025

Broker Licensed in LA & TX

Answered by David Didier Medicare Insurance Agent
The 2 biggest mistakes that seniors make when choosing a Medicare Part D plan are:

1. Not verifying the listed prescription or tier level on the plan's formulary.

2. Enrolling in a plan where the monthly premium is excessive in comparison to the monthly cost of the prescriptions. Example: Paying a $103/month for plan for when you're only taking generic prescriptions.

Answered by Timothy Brown on April 8, 2025

Broker Licensed in PA, CT, DE & 15 other states

Answered by Timothy Brown Medicare Insurance Agent
Usually the biggest mistake people make when choosing a Part D Drug plan is they go for the cheapest alternative. Many Part D plans are very inexpensive, but if you look closely, the Prescription Drug list, or formulary, that they cover may be lacking or thin in some areas.

Answered by Steve Brauer on April 14, 2025

Broker Licensed in AZ & CA

Answered by Steve Brauer Medicare Insurance Agent
By and far the biggest mistake is not electing Part D in a timely manner! Once you receive your part B effective date, Medicare will give you a 60-day window to elect a prescription medication plan. If you exceed the 60-day window, Medicare can and will penalize you for the rest of your life. It's very important to know these rules which unfortunately aren't explained or conveyed very well. Even if you don't take any medications, you still need to sign up for a Part D prescription medication plan. There are various Part D plans available in each state. If you don't take any meds or just perhaps a couple generics, tier 1 and tier 2 medications, there are some zero premium Part D plan available in Arizona. Premiums and formularies vary from company to company and plan to plan. It's important to check the formularies to ensure your meds are covered and to calculate your expected medication costs.

Answered by Mel Stevens on April 15, 2025

Broker Licensed in AZ

Answered by Mel Stevens Medicare Insurance Agent
Getting a plan that doesn't have the prescriptions on the formulary. If you have a broker, this should never happen without you knowing the prescription wasn't covered beforehand and you are going into it asking for an exception from the carrier.

Answered by David Christian on April 8, 2025

Broker Licensed in CA & TX

Answered by David Christian Medicare Insurance Agent
Not checking the formulary to ensure all their prescriptions are covered. Also, simply forgetting to enroll within the time frame allowed for it

Answered by Kerwyn Jones on April 8, 2025

Broker Licensed in FL, AL, AR & 21 other states

Answered by Kerwyn Jones Medicare Insurance Agent
Looking at the cost of the monthly premium and the plan deductible without looking at the total cost when factoring in copays for medications. Also, assuming that they need to obtain the part D plan from the same carrier as their Medicare supplement.

Answered by Dan Calabrese on April 14, 2025

Agent Licensed in NY, CT & MA

Answered by Dan Calabrese Medicare Insurance Agent

Tags: Advice for Seniors Medicare Part D Prescription Drug

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