Here are some tips that may help when comparing the Medicare Part D prescription Drug Progams:
If you are already on regular medications be sure to look at the formulary that each plan offers. The formulary is a list of all the drugs that the plan covers. In addition the formulary will tell you which "tier" each drug is on for their company. The "tier" is the key to how much the plan will pay for the drug (or how much copayment you pay, if any). Tier 1 drugs are usually common generic drugs and are the least expensive. Tier 2 drugs are usually more expensive generics and some brand name drugs, Tier 3 drugs are usually more expensive brand name drugs. The higher the tier number the more expensive the drug and the more you pay for copayment.
I have seen a difference in the "tier" rating for a drug between different plans offered by the SAME insurance company, so make sure you compare the exact plan you want to the formulary.
In addition I have seen drugs listed on tier 1 with one company, that are tier 2 with another. I can't emphasize enough how important it is to look at your exact drug in each plan's formulary before committing to Medicare Prescription Drug plan.
If you are already on regular medications be sure to look at the formulary that each plan offers. The formulary is a list of all the drugs that the plan covers. In addition the formulary will tell you which "tier" each drug is on for their company. The "tier" is the key to how much the plan will pay for the drug (or how much copayment you pay, if any). Tier 1 drugs are usually common generic drugs and are the least expensive. Tier 2 drugs are usually more expensive generics and some brand name drugs, Tier 3 drugs are usually more expensive brand name drugs. The higher the tier number the more expensive the drug and the more you pay for copayment.
I have seen a difference in the "tier" rating for a drug between different plans offered by the SAME insurance company, so make sure you compare the exact plan you want to the formulary.
In addition I have seen drugs listed on tier 1 with one company, that are tier 2 with another. I can't emphasize enough how important it is to look at your exact drug in each plan's formulary before committing to Medicare Prescription Drug plan.