Should I choose a Medicare Part D plan that has an initial deductible?
From what we have noticed, having a deductible appears to be almost a matter of personal preference rather than pure economics.We have spoken with some people who wish to have no deductible (they want "first dollar" coverage and enroll in a plan with a $0 deductible), even when the total annual estimated plan costs would be more than a similar plan with a standard $615 deductible. Other people are looking at the Medicare Part D plans as a strictly economic exercise and choose a plan only on the basis of estimated costs, rather than convenience or comfort. People familiar with, for instance, automobile insurance understand how an insurance deductible functions and simply anticipate paying the initial $615 before coverage begins.
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 $615 deductible.
Please note: Some Medicare Part D plans with an Initial Deductible exclude one or more generic drug tiers from the deductible.
Often 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 coinsurance (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 copayment cost sharing.
When in doubt, call a Medicare representative at 1-800-633-4227 and ask for assistance choosing a Medicare plan.