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Should I just select the Medicare Part D plan with the Lowest Monthly Premium?

In general, the goal of most Medicare recipients is to simply find a plan that most affordably covers their annual Medication costs - which includes the plan's monthly premium, deductibles, and co-payments. For many people with low or no prescription costs, the monthly Medicare Part D premium cost will be the largest cost factor - and therefore, weigh heavily in the plan selection process. (If you are taking no or few prescriptions (especially generics), consider a plan with the lowest monthly premium that covers your medications.)


For people who have larger monthly prescription drug needs, the plan's monthly premium cost may play a smaller role. (So if you are spending $500.00 per month on prescription costs - the $20 monthly premium is not the largest cost factor.)

In such a case, the monthly costs of your prescription drugs will be much more important factor. For instance, if one of your medications is not covered by a particular plan (or differently covered), the monthly cost difference between the plans could vary into the $100s - whereas the variation between plan premiums may only be $20 to $40 dollars per month.

Bottom line - do your math before enrolling. Check to see how much you will pay for your medications under each plan. The difference between deductibles, co-insurance and co-payments can also play a significant role in plan selection.

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Last updated on: 10/23/2013

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