The ageing process causes a lot of our bodily functions to deteriorate. With each passing day, senior individuals begin to experience severe ailments and associated conditions. There is a constant need of visits to the doctor’s clinic and hospitals, leading to an increased burden of expenses which strains one’s lifetime savings. Thus, there is a growing emphasis on the need of investing in Medicare plans as it aids in dealing with the medical bills and ensures that one receives quality treatment for the ailments.

A federal government program, Medicare is offered to certain sections of the society that include seniors over the age of 65 and for younger individuals who suffer from certain disabilities. The Medicare plan serves different agendas and is thus, divided into four different parts. The four different parts of Medicare include Medicare Part A (Hospital Insurance), Medicare B (Medical Insurance), Medicare Part C (Medicare Advantage Plans) and Medicare Part D (Prescription Drug Coverage). While every part of the Medicare plan eases the burden of medical bills, Part D makes healthcare further cost-effective by enabling beneficiaries to avail of prescribed drugs at a subsidized cost.

Medicare Part D, also known as Medicare Prescription Drug Benefit was proposed as a part of the Medicare Modernization of 2003 and is optional. The part was introduced with an aim to provide prescription drug insurance for Medicare beneficiaries. An individual who has opted for Medicare under the Part A and Part B can apply for the plans under Medicare Part D. For people who wish to enroll for Medicare Part D, the plan should be a joint plan that is run by insurance company which is recognized by Medicare. In case one does not sign up for Medicare Part D and decides to opt for it later, there is the late-enrolment penalty that must be paid. Part D can be of great benefit for people who are on prescribed medications.

Drug coverage by Medicare Part D plans
The drug coverage of Medicare Part D plans is segregated under different tiers of the formulary followed by the insurance company. The tier is formed based on the price of the drug, with an expensive one being placed at the top. The drug formulary tier drives the cost of the plan and copayment in the case of certain drugs.

Picking the right Medicare Part D plan
It is imperative that you make the right choice when picking from Medicare Part D plans. The process can be complex; however, the right understanding and strategies can aid in choosing the Medicare Part D plan which brings great monetary savings. Here are a few factors that must be closely considered when looking for the right Medicare Part D plan.

• Stay informed
  There is a constant change in Medicare Part D plans. It should not come as a surprise that lucrative offerings from a while back have been altered. Thus, it is essential that you keep yourself well updated with the ongoing changes related to the coverage of the plan. Opt for a plan that is lucrative and fulfills all your criteria.
• Take your time to evaluate
  Ensure that you take enough time off to shop and evaluate the different offerings before opting for a plan. If you are not happy with your current Medicare Part D plan, you can opt for a change and opt for a better plan. However, you can switch to a new plan within a restricted period i.e. 15th of October to the 7th of December. Look for a plan that comes with a reduced cost and offers the best benefits for the premium you pay.
• Beware of restrictions
  Some Medicare Part D plans come with restrictions on the types of drugs that are covered. The restriction can lead to severe inconvenience during the purchase of drugs in the future. You will have to end up paying for the drugs from your pocket. Thus, make sure that you check for any restrictions in the beginning so that you can opt for another plan if required.
• Closely check the list of medications covered
  It is beneficial to take a close look at the medications and drugs that are covered by the Medicare Part D plan. This will ensure that there are no issues in the future. Contact your Medicare provider and recheck the types of medicines that get covered by the given plan. Extra efforts will never hurt.
• Cost of Medicare Part D plans
  The cost of Medicare Part D plans is not standard and is entirely driven by the type of plan you opt for. The plans come at a monthly premium amount which may be regularly deducted from your account. The cost of Medicare Part D also includes other costs such as annual deductibles and copayment in addition to the monthly premium. The annual deductible is an amount that must be contributed by the user before the plan begins. The cost of deductibles will vary based on the type of plan you opt for. Copayment is the share of cost that is paid by the user after coverage from the Medicare plan provider.