How To Compare Medicare Part D Plans For 2016

Call (888) 310-0376 to Get Quotes on Top Rated Part D Plans. Here's how to compare Medicare Part D Plans for 2016. Pointers apply to enrolling in a stand-alone Part D plan or a 2016 Medicare Advantage plan which includes Medicare drug coverage (MAPD).

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When considering a 2016 Medicare Part D plan, keep in mind that the drug formulary is the key to finding the best Part D plan for your circumstances. The formulary is the list of a plan's covered drugs and which tiers they are placed in.

A universal Medicare Part D formulary does not exist. All plans have their own formulary. Your goal when comparing plans is to find plans that include all your prescription drugs. Keep in mind that there are drugs that are not included in any plan formulary. If you have drugs that are not included, you will need to pay out-of-pocket or find manufacture's or community assistance programs to help cover the costs.

Using a look-up tool, either at or a plan's website will help narrow your list of plans to consider and also give you an idea of annual costs.

Because there are many factors that contribute to a Part D plan's annual costs, it's a good idea not to compare plans based on monthly Part D premiums alone. Costs are determined by; which drugs you are prescribed, Part D deductible, coinsurance and copayment amounts, Part D premium, whether there is extra gap coverage and if you reach the Part D donut hole.

WATCH: Medicare Coverage Gap — Tips to Avoid the Medicare Part D Donut Hole –

Your goal is to find a 2016 Medicare Part D plan that includes all your medications and has the lowest cost. Once you have found suitable plans you can research the pharmacy networks and Part D mail order options.

Part D plans are rated at with one to five stars. This Medicare star rating is based on other people's past experience with a plan and ratings may not have a bearing on which plan is best for you.

The best Medicare Part D plan for 2016 is the one that includes all your drugs and has the lowest overall annual cost.

8 thoughts on “How To Compare Medicare Part D Plans For 2016

  1. Great video, thanks. Perhaps you can comment on the following. When I
    became 65, I took no drugs and was never told about any penalty associated
    with enrolling at a later date. I am now 71 and have still taken no
    drugs…..and don’t have any reason to anticipate anything going
    forward….that I am aware of. Is there a good way to “shop” for a plan
    based upon this? Thanks in advance for your answer.

    • +Larry Diamond Since the penalty is based on the average price of a Part D
      Plan you would be best served shopping for a lower priced plan.

  2. I am in initial enrollment stage and am approaching 65 in May. I already
    have insurance through retirement as a public state employee. They
    (PEEHIP) will enroll me in the same plan and a drug plan called Generation
    X for PEEHIP. do i still need to look for other coverage?

    • You are probably fine with your retirement from the State. You could check
      with the HR department with your former employer to verify that your drug
      coverage is deemed creditable coverage. it probably is… being from the
      State. But it wouldn’t hurt to check.

    • You could try to file an appeal with the plan. Your doctor can often help
      with this by providing documentation that the drug is your best option. It
      may work… it may not. Take more time to research formularies during the
      next enrollment period. Of course you could always pay out of pocket.

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