July 22nd 2024
By Ari Parker
Learn what you need to know about Medicare Part D plans in Oregon, from the prescriptions they cover to the average monthly cost.
By Ari Parker
Medicare Part D is Medicare prescription drug coverage, and it’s a key part of your overall Medicare coverage. Original Medicare, which includes Part A and Part B, doesn’t cover prescriptions, but you have two options to get your medications covered. You can either enroll in a Part D plan that stacks on top of your Original Medicare coverage, or you can enroll in a Medicare Advantage plan that includes Part D coverage.
In this guide, we’ll explain your Part D coverage options and how they differ. We’ll also share important details about how Part D coverage works, how much it costs, and how to compare your options to ensure you’re getting the best value from your Oregon Part D.
There are 21 Part D plans available in Oregon, with an average premium of $37.87.
There are 105 Medicare Advantage plans in Oregon, and most Medicare Advantage plans include prescription coverage.
Many Medicare Advantage plans, including those with Part D coverage, have $0 premiums.
Drug coverage varies between coverage options, so it’s crucial to check that the plan you’re considering covers your medications.
When comparing Oregon Part D options, you should consider monthly premiums, annual deductibles, and the price you’ll pay for your specific prescriptions.
As we mentioned above, there are two ways you can get prescription drug coverage through Medicare. You can enroll in either a standalone Part D plan or a Medicare Advantage plan that includes Part D coverage. Over 700,000 people in Oregon are enrolled in Part D. About 36% of these people are enrolled in a standalone prescription drug plan, and the other 64% are enrolled in a Medicare Advantage plan that includes Part D coverage. Let’s explore the differences between these two options and plan availability in Oregon.
Standalone Part D plans are an option for people who are enrolled in Original Medicare or a Medicare Advantage plan that doesn’t include Part D coverage. There are 21 Part D plans available in Oregon, and the average monthly premium among enrollees is $37.87—which is slightly below the US average of $40.43.
Nationwide, most Medicare Advantage plans include prescription drug coverage. The plans that include Part D are sometimes referred to as MAPD plans (Medicare Advantage + Part D). There are a total of 105 Medicare Advantage plans in Oregon, but plan availability can vary widely from one county to another. For example, people who live in Washington County can choose from 57 Medicare Advantage plans, while people who live in Lake County can choose from 4 Medicare Advantage plans.
Enrolling in a Medicare Advantage plan involves additional considerations beyond your prescription drug coverage. This is because Medicare Advantage replaces your Original Medicare (versus stacking on top of it like a Medicare Supplement plan or a Part D plan would). Before considering an Oregon Medicare Advantage plan to satisfy your prescription coverage needs, read through our guide on Medicare Advantage vs Original Medicare to understand the pros and cons.
When comparing your options for Medicare Part D in Oregon, it’s good to understand how Part D coverage works so you can compare your overall costs, rather than just the monthly premiums.
Part D coverage has three important components to help you determine what you’ll pay for your prescriptions: a list of covered drugs (drug formulary), drug tiers, and coinsurance amounts. Each Part D or Medicare Advantage plan will cover a different set of drugs, and the drugs that are covered can have varying prices based on drug tiers and pricing.
The list of covered drugs will let you know if your prescriptions are covered by a specific plan. You can then look at which tier(s) your prescriptions are on and the copays and coinsurance amount you’d have to pay for prescriptions on specific tiers to determine what you’d owe out of pocket for each of your prescriptions.
Part D plans also have different premiums and deductibles that you should factor into your decision because they will impact the total amount you pay for your prescription needs.
The first step in choosing Part D coverage is finding a plan that covers all of your prescriptions. From here, you’ll need to compare your coverage options to find the one that saves you the most money.
Comparing the different premiums, tiers, and pricing structures to figure out how much you’d pay for your prescription needs each year can be challenging. That’s why we recommend working with a Chapter Medicare Advisor, who can quickly collect your prescription information and compare your costs across all Part D options in Oregon. Save yourself the time and hassle, and feel confident in your Part D coverage! Call us at 855-900-2427 or schedule a time to compare your options today.
NEXT >> Learn about all of your Medicare plan options in Oregon
