Pick a Drug Plan

Pick a drug plan, Medicare 101. Finding the RIGHT Part D plan is the most challenging part of Medicare. Experienced agents often get it wrong.

Medicare 101 - Picking a drug plan

Medicare Part D has a lot of moving parts. Formulary’s. Deductibles. Copay’s. Coinsurance. Preferred pharmacy’s. Brand name drugs. Generics. Which drugs are less expensive if you pay CASH.

It usually takes me anywhere from 5 to 20 minutes to run a drug report. Add another 10 to 30 minutes to explain to my Medigap client how to properly use the plan.

Very few people, including agents, understand drug plan deductibles.

Choosing Part D Isn’t Easy

Many think choosing a Part D plan is simple. Look for the plan that does not have a deductible and pick the one with the lowest premium.

That is the WRONG way to pick a drug plan . . . unless you enjoy OVERPAYING for your drug coverage.

Whether you pick a drug plan or you allow someone to help , at least make sure you get it right.

Do you want to DIY? Here is where you start.

Let me know how this works for you.

I have been running Medicare drug plan reports since 2010. The first few years I had no idea what I was doing. I made mistakes but fortunately they weren’t costly.

Showing clients how their copay changed once the plan deductible was satisfied was impossible. A few years ago Medicare reworked their software so now they can see month to month how their OOP changes.

When you use these new reports it is very obvious why a deductible plan produces lower OOP costs.

Why is Medicare Part D so Confusing?

Seniors often buy the wrong drug plan and spend too much on their prescription plan. Seniors on Medicare spend an average of $263 per month on prescription medications.

Lower your medication bill by only using your drug card when necessary. The right drug plan will save a lot on brand names but you will almost always pay MORE for generics.

Consider paying cash or using GoodRx instead for maximum savings. Also pick a drug plan that has a deductible.

This report compares a $17 plan with a deductible vs a $79 plan with no deductible. Not only is the premium for the no deductible plan considerably higher but so are the copay’s.

This is not an aberration. No deductible drug plans are more difficult to find. Also the premiums AND copay’s are noticeably higher than plans with a deductible.

Why not let my Pharmacist Help me Pick a Plan?

Your druggist probably has no idea how to run a Medicare drug plan report. Even if they do know how, they will not have the time. He or she will simply recommend a plan they see most often.

That means you may not know how much you could have saved compared to the other 2019 Medicare Part D plans.

Have you bought something recommended by a friend then later discovered you PAID TOO MUCH?

Sometimes you can return the item for a refund.

Medicare drug plans don’t work that way.

Your copay can range dramatically from one plan to the next. Copay’s are even further impacted by using the wrong pharmacy.

Last year I ran a report for a client. Had he kept his existing plan and pharmacy his total annual out of pocket (premiums + copay’s) would have been $13,000. By switching plans AND pharmacy’s he cut his OOP to $6,000.

You Can Pick Your Own Drug Plan

Some folks don’t want help with Part D. They have done it for their parents or other relatives. The plan they found worked so no need to make a change.

As one who runs hundreds of Medicare Part D reports every year I can tell you this. Picking a drug plan is not easy.

Sometimes I will run the report several times to find the lowest possible combination of premiums and copay’s.

Most folks who take the DIY approach only run the report once.

I tell my clients to run their own report, then let me generate a report. Almost without exception my total out of pocket is less.

This is all about saving money by picking the best drug plan. And that is the way it should be.

Why Do I Need a Medicare Insurance Agent?

Medicare insurance agent. Who needs them? Medicare is simple. Pick the lowest rate. Why use and insurance agent? Cut out the broker. Go direct to the carrier. Save the commission.

You Don’t Need an Agent

Medicare expert? Truth is, you don’t need an agent to SELL you a Medicare plan. You can use Medicare.gov, go direct to a carrier or even use one of those online “FREE” quote services. But how will you know if you picked the right plan or paid too much?

Ask a Medicare expert.

Will you save money by eliminating the middleman?

No. This video explains.

Does an Insurance Agent Offer Real Value?

Experience.

About 70% of those who turn 65 and are enrolling in Medicare for the first time have never bought health insurance before. Most people will need to get it right the first time. For many there are no Mulligans. No do-overs. This may be your only chance to buy a Medicare supplement plan.

Medicare supplement rates change every year. Old carriers are retired. New carriers enter Georgia with low initial rates.

You can change Medigap plans anytime you want . . . as long as you are healthy. Medicare expert and insurance agent Bob Vineyard will help you find the right plan that fits your needs and budget.

Those Pesky Drug Plans

Medicare Part D drug plans are complicated. Deductibles, formularies, copay’s, preferred pharmacy’s change every year.

Too many people pay too much for their Medicare drug plan.

Could be they bought the same plan their friends have. Wrong.

Maybe they bought from the carrier that issued their Medigap plan. Wrong.

Sometimes seniors will shop on their own and pick the plan with the lowest premium. Not always correct. Not always wrong. But the criteria is definitely wrong.

Many times they buy a plan suggested by an insurance agent that really doesn’t understand Medicare Part D. This happens way too often.

Check out my YouTube Channel and review drug plan videos.

Learning the Language

Welcome to the world of Medicare where almost everything is a TLE and has an acronym. Here is a friendly introduction.

TLE = Three Letter Entity

CMS = Center for Medicare (and Medicaid) Services

MSN = Medicare Summary Notice

PDP = Prescription Drug Plan

ABN = Advance Beneficiary Notification

Having fun so far. You can’t tell the players without a scorecard.

Confused?

You have questions. We have answers. Call or email.

Do You Need a Medicare Expert?

Nope.

You can DIY. (Do It Yourself).

But if you mess up who can you blame?

You can spend hours online researching. Attend seminars. Invite strangers (insurance agents) into your home.

But they don’t leave until you buy something or call the cops.

You could also sort through the mountain of information that comes in the mail. Ask your hair stylist or members of your bridge club. Does anyone still have bridge clubs?

Buy direct from a name you trust. Here is a tip. Medicare carriers with familiar names often overcharge, sometimes by hundreds or thousands of dollars per year.

Why?

Because they can.

They know you are buying on name recognition and have not researched. You trust them to treat you right.

They will take advantage of that trust and profit from your lack of understanding.

Give Me 10 Minutes

That’s all I ask.

Look over my website. Watch my videos. Call or email.

Yes, I am an insurance agent. But also an expert with over 40 years experience.

And just like you, I am enrolled in Medicare.

If you don’t feel comfortable with my advice, move on. No hard feelings. I don’t chase. I don’t beg.

Either you want my help and advice or you don’t.

Not only will I save you a lot of time and keep you from chasing rabbits, but you will also learn how to maximize your Medicare dollars.

And isn’t that what this is all about? Finding real value in the advice offered by a Medicare insurance expert.

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