How would I decide if a Medicare Part D plan is the right choice for me?

Like any insurance coverage decision, the question of whether to join a Medicare Part D plan depends on your particular situation.

There are however, certain simple factors that you can consider in preparation for this question.

For instance:

How much do I spend each year on prescription drugs?
What does the Medicare Part D plan cost each month?
Does the Medicare Part D plan cover your particular prescription drugs?
What are the Medicare Part D plan's copayment and deductibles?
Is my favorite or nearby Pharmacy a member of this Medicare Part D plan's Pharmacy Network? And... is this pharmacy a preferred Network pharmacy that might have better pricing as compared to a standard network pharmacy?
Do you qualify financially for any "Extra Help" programs?
Are you already eligible for prescription drug coverage by your previous employer, union, or the VA?

Please note, as a rough guideline, it is estimated that if you spend as little as $68.00 per month on prescription drugs (or $810.00 per year), you could save money with a Medicare Part D plan (depending on the plan's monthly premium).

CMS Steps to Choosing a Medicare Drug Plan

The Centers for Medicare and Medicaid Services (CMS) notes: Follow the steps below to choose and join a Medicare drug plan, whether you’re joining for the first time or reviewing your plan options for coverage next year.

Step 1: Prepare—Gather information about your current drug coverage and needs.

Step 2: Compare—Compare Medicare drug plans based on cost, coverage, and customer service.

Step 3: Decide—Decide which plan is best for you, and join.

Tip: Before considering which Medicare drug plan to join, check out how any current health coverage you have could affect your drug coverage choices.

See our detail outline of how to prepare for your Medicare Part D decision