July 29th 2024
By Ari Parker
Learn about Part D plan options in Maryland and how to choose the best one for your healthcare needs.
By Ari Parker
While enrolling in Medicare Part D is optional, we generally recommend securing Part D coverage for your current and future prescription needs. Getting coverage today, even if you don’t need it, will help you avoid a Part D penalty later on. Part D also covers many recommended vaccines.
Finding and enrolling in the right Part D coverage in Maryland can feel overwhelming, but you aren't alone! We're here to guide you through the process while focusing on your prescription needs and budget preferences.
There are 18 Medicare Part D plans in Maryland.
The best Maryland Part D plan for your needs depends on the medications you take and pharmacy preferences.
A Part D plan is just one option for Part D coverage. You can also enroll in a Medicare Advantage plan that includes prescription drug coverage.
Original Medicare doesn’t provide coverage for prescriptions—that’s why Part D exists. Medicare Part D provides coverage for prescriptions and many recommended vaccines. It's separate and optional, and you're eligible to enroll if you have Part A and/or Part B.
Part D coverage varies from one plan to another. To start, Part D and Medicare Advantage plans cover different sets of drugs. For this reason, it’s important to ensure that the plan you choose for drug coverage covers your specific set of prescriptions! Your costs, including premiums, deductibles, copays, and coinsurance, will also vary between plans. Check plan formularies (lists of covered drugs) and pricing for your specific medications to get an accurate sense of what you’d have to pay each year. Finally, with Part D coverage, prescriptions often cost less at a plan’s “preferred pharmacies.” Make sure that a plan’s preferred pharmacies are convenient for you to get to, so you can get the best price for your prescriptions.
If you’re on Original Medicare, you can get Part D through a standalone Part D plan. If you’re on a Medicare Advantage plan, there’s a good chance that your plan includes Part D coverage. If your Medicare Advantage plan doesn’t include Part D coverage, you can enroll in a standalone Part D plan. Let’s explore the differences between the two
Standalone Part D plans only provide Part D coverage. Plans will come with a monthly premium, annual deductible, and specific copay and coinsurance amounts for prescriptions.
A Medicare Advantage plan that includes Part D coverage is a bundled option for Part A, Part B, and Part D coverage. These plans also commonly provide additional benefits, like OTC cards, Medicare fitness programs, and dental, vision, and hearing coverage.
Like Part D plans, these plans come with a monthly premium. They have separate deductibles and out-of-pocket costs for your healthcare coverage (Part A and Part B) and your prescription coverage (Part D). Because Medicare Advantage provides broader health insurance coverage, there’s a lot more to think about when choosing a Medicare Advantage plan.
LEARN MORE >> Medicare Advantage plans in Maryland
With the basics out of the way, let’s explore Part D in Maryland, specifically! There are 18 total Medicare drug plans in Maryland, offered by the following six insurance carriers:
Aetna Medicare
Cigna, Humana
Mutual Omaha Rx
UnitedHealthcare
Wellcare
The lowest cost Part D plan in Maryland has a monthly premium of $0.40, and the highest cost Part D plan has a monthly premium of $113. The average price paid for Part D in Maryland comes out to $48—which is the same as the national average.
Monthly premiums are only one thing to consider when choosing Part D coverage in Maryland. In the next section we’ll go over when to enroll and how to enroll in the right coverage for your unique needs.
You can purchase Part D prescription drug plans from private insurance providers during the following enrollment periods:
Special Enrollment Period
If you're new to Medicare, sign up for Part D as soon as possible. Once your Initial Enrollment Period ends, you can face a Part D penalty if you go 63 consecutive days or more without creditable prescription drug coverage.
You can switch Part D plans only during the Open Enrollment Period. It’s worth noting that Part D and Medicare Advantage plans can change every year. So, even if you’ve found the right plan that minimizes your costs for prescriptions, you should shop around each year during Medicare’s Open Enrollment Period to ensure you’re always on the best coverage for your needs.
The most important thing to consider when choosing the best Part D coverage for you is what your plan and prescription costs will be. Your plan cost is simple—it’s just the monthly premium you pay for coverage. Prescription costs can get a bit more complicated. Since every plan covers a different set of prescriptions, and the costs for covered prescriptions vary, comparing your costs for the year can be a little overwhelming.
Chapter Medicare Advisors can take the guesswork out of finding the best Medicare prescription coverage for you. We can quickly calculate your costs for each plan to help you get your prescriptions covered and save more! Get started today by contacting us at 855-900-2427 or book a time to chat.
