Why am I having to pay more for my Medicare Part D coverage?

I was speaking to a friend and they said their Medicare Part D coverage was only $15 a month.  I only take a couple of medications but I’m paying over $30 a month.  Why is that?

This is one of our most common questions during Open Enrollment (October 15 through December 7th).  Everyone’s medication needs are different so it is best not to compare your medicine needs to those of another.  Your friend might be taking more medications than you but those medications might all be generic.  In which case the $15 plan should be their best option.  Even though you are taking fewer medications if those medications are name brand instead of generic then those $30 and higher plans are usually your best option.  In general, those cheaper plans ($10-15 per month) only pay well for generic medications.  If you are taking any name brand medicines then you need to go with a more expensive plan.  Also, in some cases it is actually cheaper to go a higher per month premium because once you consider all the costs involved (premium, deductible, co-pays) companies will sometimes reduce the deductible and/or co-pays if you pay for a higher premium.

But luckily clients for Stockett and Associates don’t have to worry about having to navigate all those details.  Sorting through all those different metrics is something we do everyday.  If you have any questions regarding your Medicare Part D coverage please feel free to reach out to us.