Welcome to Medicare Tips on SeniorTopia.
Here are 3 Costly Mistakes to Avoid When Choosing Prescription Coverage:
MISTAKE Number 1:
FOCUSING ONLY ON THE MONTHLY PREMIUM.
Don't choose a plan based solely on the premium. A $20 per month plan with high drug costs and a large deductible can cost more than a $40 per month plan with lower copays and no deductible. Always calculate your "total annual cost," including premiums, deductibles, and copays, for your specific medications.
MISTAKE Number 2:
NOT TAKING TIME TO CHECK A PLANS FORMULARY AND RESTRICTIONS.
Be sure to Verify that your medications are covered without restrictions. Watch for
- Prior authorization requirements,
- Quantity limits
- Step therapy protocols.
MISTAKE Number 3:
IGNORING THE PHARMACY NETWORK.
Keep in mind your costs can vary dramatically based on which pharmacy you use.
- Preferred pharmacies offer the lowest copays
- Non-preferred pharmacies can cost up to 50% more.
- Out-of-network pharmacies may provide no coverage.
Be sure to confirm your regular pharmacy is in your plan's preferred network. Contact a licensed medicare broker if you need assistance. Review these three factors to ensure you have the most cost-effective coverage for your needs.
For more answers to your Medicare questions, contact Licensed Insurance Broker David Wolfe, a Medicare specialist. David can be reached at 858 722 8505.
