Low Premiums Could Mean Low Value When Choosing a Part D Medicare Drug Plan

by Gabriel Levitt, Vice President, PharmacyChecker.com and Margaret Rode, PharmacyChecker.com | Nov 23, 2010 | Medicare Drug Plans

Many Medicare enrollees shopping for drug plans this open enrollment season may be lured in by the offers with the lowest premiums, when in fact these plans can make for poor choices. What’s most important when choosing a Part D plan is that the drugs you need are covered; and if the plan doesn’t cover your meds, then plain and simple, it is not a good option for you. To find out which plans include the drugs you take, you can use the government’s website, found here: Medicare Plan Finder.

Blindly choosing the plan with the lowest monthly premium means you’re more likely to neglect researching drug coverage and other crucial factors about your Part D drug plan. For instance, if your plan is linked with a preferred drugstore, location could be a problem. This worry is highlighted in a recent AP article, as the Humana/Wal-Mart plan with the lowest premium on the whole Medicare list is causing trouble for some. While the competitive premium prices from Humana and other Part D providers are drawing attention as factors in picking a plan, accessibility, co-pays, deductible and coverage in the doughnut hole must be considered in addition to the most critical factor – the drugs covered on a plan’s formulary. (more…)