How do I choose a prescription drug plan when I turn 65? Aines, Carter & Associates in La Grange and Louisville, Ky., guides you in choosing the most cost-effective prescription drug plan each enrollment period.  Let us walk you through making an informed decision in 2024.

Private insurance companies must follow a standardized model set forth by the government each year.  That’s right, expect the coverage to change annually.  In 2024, the maximum deductible allowed on a Medicare prescription drug plan will be $545.00.  However, prescription drug plans may or may not have a deductible that will only apply to brand-name prescriptions.   At the beginning of each year, the insured will be covered by the initial coverage phase and subject to the prescription drug plan deductible.  The Medicare recipient starts with a balance of $5030.00 that can be spent on prescription drugs before entering the infamous donut hole.  Keep in mind that the initial coverage amount includes the costs for both the Medicare recipient and the insurance company.

During the coverage gap (donut hole), the insured will pay 25% for generic and brand name prescriptions until the catastrophic coverage phase is met at $8000.00.   In the 2024 catastrophic coverage phase, the individual pays $0 for generics and brand-name drugs. In most cases, consultation with Aines, Carter & Associates will help you avoid the coverage gap by identifying future problems and offering coverage alternatives to the Part D plans.

Do yourself a favor. When you turn 65, go out and find a knowledgeable representative. Our independent agents will help you choose a plan strictly based on your current prescribed medications.  Once the medications and pharmacy choices are entered into the Aines, Carter & Associates evaluation tool, we will advise you on the plan that will be the most cost-effective.  As you can see, many excellent resources are at your fingertips—Aines, Carter & Associates, Medicare Done Right The First Time.