Medicare Part D in Wyoming – Medicare beneficiaries in Wyoming have quite a few choices when it comes to their prescription drug coverage. Before you enroll, you’ll need to understand how Medicare Part D works, when you can enroll, and how to choose the plan that’s best for you.
How Does Part D Work?
Medicare Part D includes prescription drug plans only. There are two ways you can enroll in a Part D plan.
- As a stand-alone plan in addition to Original Medicare
- As part of your Medicare Advantage plan. Plans that include drug coverage are called MAPD plans.
Regardless of which option you choose, the coverage works the same way. There are several aspects that go into a Part D plan.
Premium: The monthly cost of having the plan. If you have an MAPD plan, you won’t pay an additional premium for drug coverage.
Drug Formulary: The list of prescriptions covered by the plan.
Drug Tiers: Each prescription is organized into a drug tier. Generic medications fall into lower tiers, while name-brand or specialty ones go into higher tiers. Most drug plans have four or five tiers.
Deductible: The annual amount you must pay before coverage starts. Most plans waive the deductible for prescriptions in the first two tiers.
Copays/Coinsurance: Your out-of-pocket cost to refill your prescription.
Pharmacy Networks: You will get the best prices at “preferred” pharmacies. Pharmacies can also be “standard” or “out-of-network.”
Wyoming Part D Enrollment
You should enroll in a Part D plan as soon as you’re eligible (around your 65th birthday) or when you lose credible coverage, whichever happens first. Your first opportunity to enroll is during your Initial Enrollment Period (IEP), which is a 7-month window around your 65th birthday. If you still have other credible insurance in place, you can choose to postpone enrollment until that coverage ends.
It’s important not to have a lapse in coverage when it comes to your prescription drug plan. If you go more than 63 days without drug coverage, you will have to pay the Part D penalty. Yes, this is even the case if you’re not taking any medications! If you are fortunate enough to be taking no medications, there are plans that require a minimal monthly premium.
Part D Plans in Wyoming
Let’s take a closer look at some of the Part D plan carriers in Wyoming.
Currently, there are 22 stand-alone Part D plans available to Wyoming residents. There are also 5 Medicare Advantage plans that include Part D drug coverage. Fortunately, you won’t have to sort through all of them, as you can only enroll in the ones available within your zip code.
As far as stand-alone Part D plans in Wyoming, there are several available carriers.
- MedicareBlue Rx
- AARP MedicareRx
- Mutual of Omaha
- Clear Spring
Each carrier will have a few different plans for your consideration. We’ll talk about how to choose the right Part D plan next.
How to Choose a Part D Plan
It takes time and research to choose a Part D plan, especially if you are trying to enroll on your own. As we’ve mentioned, you’ll need to look at drug formularies, coinsurance costs, pharmacy networks, premiums, and more. Those are quite a few different things to compare.
Here are the basic steps to get started.
- Look at the drug formulary. Are all of your current medications included?
- Calculate the total estimated cost. This number is the full amount you refilled all your prescriptions for the entire year. (Not including any new ones you might take later.)
- Check the pharmacy network. Make sure you can use a preferred pharmacy. If you can’t, you’ll need to calculate your costs using a standard pharmacy instead.
Want an easier option? Work with an independent insurance brokerage – like us! Our advisors are Medicare experts and will sort through all your options, whether you are looking for Part D plans, Medicare Advantage plans, Medicare Supplements, and more. Call today and schedule your consultation.