A Medicare drug plan that looks inexpensive on the surface can become surprisingly costly once you start filling prescriptions. Premiums are only one piece of the equation, because formularies, drug tiers, deductibles, copays, coinsurance, and even the pharmacy you use can change what comes out of your pocket. That makes the weeks before Medicare Open Enrollment an ideal time to gather prescriptions and start doing some homework rather than automatically renewing last year’s coverage. A plan with a $10 monthly premium could ultimately cost one person more than a $40 plan if their medications land on expensive tiers or their preferred pharmacy isn’t favored by the cheaper plan.
Medicare’s annual Open Enrollment runs from October 15 through December 7, with coverage changes taking effect January 1, according to Medicare’s official enrollment guidance. If you want to compare Medicare drug costs effectively, the goal should be finding the lowest realistic total cost for the medications you actually take. Here are seven costs you need to compare before the open enrollment period starts.
