Which Medicare Plan D Is Best?

  1. 475 POINTS
    Michael Pelfrey
    Owner/Agent, Pelfrey Financial Services, Lexington, KY
    The reason there are so many plans is because each person has different needs.  A person that is very healthy and takes few prescriptions may do well paying a low monthly cost but pay more for their prescriptions.  A person that takes several expensive medications would do better with a high monthly premium, but lower co-pays and co-insurance.  It is best to contact an independent agent for guidance as different policies cover different medications.  They can compare coverage between several companies to provide you with the best policy.
    Answered on November 15, 2013
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  2. 1805 POINTS
    Samuel Smith
    Enrolled Agent-licensed to practice before the IRS, Samuel N Smith, EA, South Carolina
    The different Part D plans provide selection from a "basic" plan that has a $310 deductible or an "enhanced plan" that is going to have no deductible and lower copays. Medicare is quickly becoming a "pay me now or pay me later" equation and it is not designed or meant to pay all costs. That is why that "insurance agent" gets paid and is charged with the responsiblity of full disclosure and assuring that you have the opportunity to make the choice that best meets your personal objectives
    Answered on November 17, 2013
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  3. 947 POINTS
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    Jose S Sanchez JrPRO
    President, The Insurance Advisor, Burr Ridge, IL
    Medicare Part D plans change, what's best for you this year may brake your piggy bank the next. Every year from October 15 to December 7 is the time when you need to re-evaluate your prescription coverage and the best way to do that is by going to the Medicare Web site http://www.medicare.gov/ and click on the green button "Find health & drug plans". Every insurance company that is going to offer a Part D plan for the following year has to submit their formulary, what drugs they are going to cover and the cost to Medicare. The Medicare site allows consumers to enter all of their drugs, it will search and compare all of the insurance companies and it will show you which plan give you the best value. This is something that you should do every year to make sure that you always will have the best coverage. If you don't feel comfortable doing this or if you don't have computer access then check with a good broker that represent multiple companies and they will do that for you for free. This process generally takes me about 10 to 15 minutes for my clients. If you need more help please feel free to contact me.
    Answered on April 9, 2015
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