Objectively, perhaps it is best to begin searching for a plan that most affordably covers your existing medications (and has a large enough plan Formulary (drug list) to cover next year's potential medications) and then consider your feelings about the initial $415 deductible.
Some people think that a Medicare plan with a deductible and lower monthly premium will be less expensive throughout the whole plan year. But, if you choose a plan with co-insurance (you pay a percentage of your drug costs), you may find that mid-year increases in retail drug costs make your plan less affordable than a Medicare Part D plan that has a higher monthly premium and fixed co-payment cost sharing. When in doubt, call a Medicare representative at 1-800-633-4227 and ask for assistance choosing a Medicare plan.
Popular Question: If I enroll in a Medicare prescription drug plan that has an initial deductible, will the deductible impact when I go into the Donut Hole?
No. If your Medicare Part D plan has an Initial Deductible, you will pay first 100% of your prescription drug costs until you have met the deductible.
For instance, if your drug plan has a $360 deductible, you pay 100% of your drug costs until reaching $360. Please note that some Medicare Part D plans with an Initial Deductible exclude one or more generic drug tiers from the deductible.
However, having an Initial Deductible does not affect when you go into the Donut Hole or Coverage Gap. Although the Initial Deductible does
affect how long you stay in the Donut Hole. (Please remember that when you exit the Donut Hole or Coverage Gap you will enter the Catastrophic Coverage portion of your Medicare prescription drug plan.) You can click here to read more.