CMS reports the average 2018 monthly premium for a basic Part D prescription drug plan will be reduced by $1.20 to $33.50.
In addition to the monthly premium other Part D variables Medicare beneficiaries should compare are:
- Plan Formulary – not all plans are alike. Check and confirm your medication is included in the list of covered drugs.
- Tier Levels – competing plans may list the same covered drugs however may assign different tier levels with higher or lower copays.
- Deductible – Like with your car insurance, this is the amount you pay before the Part D plan benefits begin. Some plans apply a deductible to all drugs, other plans apply only to certain tier levels.
- Preferred pharmacy or Mail Order – some plans negotiate lower retail and copay costs with national retail or Mail Order pharmacies.
Extra Help for Part D plan premium, deductible and copay amounts is available to individuals meeting income and resource levels.