It's annual enrollment time and I know that the prescription drug coverage options can be confusing. So, today I wanted to try to clarify what you need to look for in the best drug coverage plan for you.
Original Medicare requires a stand alone plan for prescription drugs.
These plans are a pain, and that’s exactly why this episode exists.
3. Make sure your particular drugs are on the plan before you commit to any plan. This list is always changing and you have to double check it from year to year.
If you have several drugs, you could easily meet your deductible in the first month of the new year.
It is important to do the math and see what your overall out of pocket expenses are going to be.
Don’t assume that the generic drugs are always cheaper. Check your plan!
The Donut Hole:
Jan 1 you have $3310 to use towards prescriptions. This is a combination of copays and what the plan pays. Once you reach $3310 total, then everything else is in the donut hole.
So now, your cost of prescriptions will change. Once you reach $4850, you get out of the donut hole. After $4850, then you are now in the catastrophic phase of the plan. So you either pay the higher of 5% of the total price or the designated price for that prescription.
In 2020, the donut hole is eliminated, and then everyone will pay a flat 25% of the cost of the drug.
Silver Scripts - owned by CVS - it has a pretty good premium ($25.60 monthly in FL) and then you have no deductible. You just have to make sure your drugs are on the plane. silverscripts.com will tell you what the tiers are for the drugs and the monthly costs.
Always look at plans year to year and make sure you get the best plan for you.
If you have questions, you can reach out to me:
You always have an alternative as well, if none of this fits you. If you decide you made a mistake, you still can drop your plan in January and go back to Original Medicare and a stand alone plan. Listen to the episode and Diane will tell you what your options are.
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Find out more information about Medicare on Diane Daniel’s website!