Choosing a Medicare Part D plan

Selecting the right Medicare prescription drug plan is a major decision. You’ll be enrolled in this plan for awhile, so you want to make sure it has all the features you need. Don’t be overwhelmed – let’s keep the decision process simple.

Follow the simple steps below to choose a Medicare Part D plan.

Are you eligible to enroll in a Medicare Part D plan? Will you be eligible soon? Plan pricing and formularies (list of drugs) can change every year, so even if you won’t be eligible for enrollment for a few years, be aware that any research or plan comparison you do now will need to be done again closer to your enrollment period.

Is a Medicare prescription drug plan right for you? Part D plans may help lower your out-of-pocket prescription drug costs. They also protect you from the possibility of higher prescription drug costs in the future. What are your health needs? How much do you currently spend on prescription drugs? These are important questions to ask when considering what your prescription drug needs are.

Also, take into account your health and financial needs. Do you have a long-term illness that requires regular prescription drugs? Does your monthly budget only allow for a low monthly premium (and possibly a higher deductible, more restrictive formulary, or lack of additional gap coverage)? These are all important questions to ask.

Different providers offer different plans, and each plan may differ in terms of pricing, formularies and pharmacy networks. These are all things to take into consideration. For example, two plans might offer your prescription drugs, but one plan might offer them at a lower out-of-pocket cost. Do some research and comparison among plans to identify the one that best suits your needs. Make sure to compare:

  • Each plan’s list of drugs
  • Costs for each plan
  • Network pharmacies for each plan

 

There is a specific time period when you can enroll in a Medicare Part D plan that depends on a variety of factors. For instance, as you approach age 65, Medicare allows you to enroll in a prescription drug plan beginning three months before the month of your 65th birthday, during the month of your 65th birthday, and ending three months after your birthday month. This is the Initial Enrollment Period (IEP). Note there is an exception: if your birthday falls on the first day of any month, your 7-month Initial Enrollment Period begins and ends one month sooner. If you’re under 65, you are eligible to enroll in Medicare if you have a qualifying disability and receive a Social Security disability benefit. You will have a 7-month enrollment window that opens 3 months before your 25th month of receiving Social Security or Railroad Retirement Board benefits and ends 3 months afterwards.

If you do not have creditable insurance coverage with another plan and do not enroll during your Initial Enrollment Period (IEP), you will be subject to a Part D Late Enrollment Penalty (LEP). If you enroll in a Part D plan at a later time, the LEP will be added to your monthly Part D premium. You may also enroll in a prescription drug plan during the Annual Enrollment Period (AEP). This occurs October 15th through December 7th of every year.

Alternately, you may enroll when you have a circumstantial change such as moving or involuntary loss of coverage. This is considered a Special Enrollment Period (SEP).

Plan Decision

Plan Decision Guide

Make an Informed Medicare Part D Choice

This SilverScript (PDP) Plan Decision Guide makes it easy to compare plans and uncover what the true cost of your plan could be — to help you make an informed choice that works for your health and your budget.

Download Plan Decision Guide PDF

Plan Comparison

Plan Costs Worksheet

Easily Compare Plans, No Printer Required!

Stuck between two plans? Simply download the Plan Costs Worksheet, select your refill preferences, and type your costs into the blank spaces that are highlighted. It’s easier to find the plan that’s right for you when you can see your options side by side.

Download Plan Costs Worksheet PDF

Get Medicare Part D guidance from SilverScript

One toll-free call is all it takes to get the information you need. Our friendly SilverScript Plan representatives will help simplify Medicare Part D and give you the insight you need to choose a Medicare Part D plan that’s right for you.

Our goal is to help you find the right coverage

Not all Medicare Part D plans cost the same or offer the same coverage options. That’s why it’s important to determine your individual needs and choose a Part D plan that makes sense for you and your budget. 

We'll even help you apply when you're ready. Instead of completing a paper application on your own, we can help you apply for a SilverScript plan over the phone or, if you prefer, online.

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