When comparing 2014 Medicare Part D drug plans, you may come across some information on AARP Medicare Part D plans. But what are the differences between the AARP drug plans and when should you choose one over the other?
The first thing to consider when comparing Part D plans is whether or not your drugs are included in the plan’s formulary or list of covered drugs. No other plan benefits will be relevant unless your drugs are covered. This point is often lost on people who do not do their homework but rather base their decision on price or a recommendation from a friend or family member.
Medicare Part D formularies vary widely and the AARP Part D plans are not different. Statistically most people will find the AARP Medicare RX Preferred plan to offer a formulary that will include all of their medications. If after reviewing the formulary you find that you fall into this category it may be best to choose this plan. The premium for the Enhanced RX plan is most often more than two times the premium for the Preferred RX plan.
Benefits of the AARP MedicareRx plan
There are some important benefits of the Enhanced plan not available with the Preferred plan and the price between the two will generally reflect that.
The AARP Enhanced Part D plan:
- Has an expanded formulary that includes all generic drugs covered by Medicare Part D and most commonly used brand-named drugs.
- Co-pays in certain tiers are less.
- When in the coverage gap you will have additional coverage for Tier 1 drugs with co-pay.
The most important benefit and reason why you would choose the AARP Enhanced plan is the expanded formulary. The higher price will most often negate the savings in co-pays and the coverage of generic drugs in the coverage gap.
Given the fact that the formulary is key when comparing AARP MedicareRx Preferred vs AARP MedicareRx Enhanced make sure that you review the formularies to make sure that your drugs are included. This applies to any 2014 Part D plan that you may be shopping for.