July 22nd 2024
By Ari Parker
Learn what you need to know about the best Medicare Part D plans in Texas, from the prescriptions they cover to the average monthly cost.
Original Medicare doesn’t include prescription coverage. That’s why 3.4 million people have enrolled in Part D coverage in Texas, either through a standalone Part D plan or bundled with their Medicare Advantage plan.
There are 21 prescription drug plans in Texas and a number of Medicare Advantage plans that include drug coverage. The variety of options can make it more challenging to compare options and enroll in the best Part D coverage in Texas for your needs. Luckily, it’s really simple when you note down your prescription needs and work with a Chapter Medicare agent to compare plan options.
In this blog, we’ll guide you through your options for Part D in Texas. We’ll go over how Part D works, what it costs, and how to find the best Part D plan for your needs.
The best Texas Medicare Part D plan is different for everyone. Your plan should cover your prescriptions and minimize your costs.
There are 21 prescription drug plans in Texas and 247 Medicare Advantage plans, but plan availability varies by county.
The average cost of a standalone Part D plan in Texas is $37.51.
A Chapter Medicare Advisor can help make comparing and enrolling in the right plan quick and easy.
Have questions about other Medicare coverage options? Give us a call or consult our Texas Medicare guide.
Medicare Part D is Medicare’s prescription drug coverage. You have two options for Part D coverage:
A standalone prescription drug plan
A Medicare Advantage plan with prescription drug coverage
For a standalone Part D plan, you’ll owe a monthly premium. If you enroll in a Medicare Advantage plan that includes Part D, you’ll pay your Medicare Advantage premium and applicable Original Medicare premiums. In addition to your monthly premium for prescription coverage, you’ll also owe out-of-pocket costs when you get your prescriptions filled. These costs include the Part D deductible, copays, and coinsurance that are unique to your plan.
People with higher incomes may owe a Part D IRMAA surcharge. People with low incomes and resources, on the other hand, can get financial assistance through Medicare Extra Help.
You need an enrollment period to enroll in Part D coverage.
You can sign up for a drug plan for the first time during:
A Special Enrollment Period
You can also join or switch plans during the Medicare Open Enrollment Period, which occurs from October 15th to December 7th every year. Since drug plans and your needs can change every year, this is a great time to review Part D options.
You can join or change plans throughout the year if you qualify for a Special Enrollment Period. For example, moving out of your plan’s service area qualifies you for a Special Enrollment Period.
Important note: If you’re eligible for Medicare and go 63 days without creditable drug coverage, you may have to pay a monthly Part D penalty on top of your premium.
There is no Medicare plan that’s best for everyone. Ultimately, the coverage with the lowest plan and prescription costs will be best for you. Below, we’ll explain some additional factors to consider when comparing plans.
Texas has 21 prescription drug plans made available from seven insurance companies. These insurance providers are:
Aetna Medicare
Blue Cross Blue Shield of Texas
Cigna
Mutual of Ohama Rx
UnitedHealthcare
Wellcare
In Texas, prescription drug plan premiums range from $0.50 to $101.90. Wellcare carries the plan with the cheapest premium, while Humana carries the plan with the most expensive premium. The average Texas premium paid is $37.51, which is a little lower than the national average of $40.43.
In Texas, Wellcare, Blue Cross Blue Shield, and UnitedHealthcare offer plans with Medicare star ratings of 3.5. This rating is higher than the national average rating of 3.11 for Part D plans.
Medicare Advantage plans that include prescription drug coverage tend to be cheaper than standalone prescription drug plans. In fact, 73% of people who have Part D with their Medicare Advantage plan have a $0 monthly premium (keep in mind, people on Medicare Advantage do still pay the Part B premium). While this may be appealing, there are other factors to consider when choosing a Medicare Advantage plan. Make sure you understand your plan’s out-of-pocket costs and some of the pros and cons of Medicare Advantage in comparison to Original Medicare.
If you’re interested in Medicare Advantage plans, learn about Medicare Advantage plans in Texas.
Medicare can be overwhelming, but focusing on your health and prescription needs and working with a Chapter Medicare Advisor will make things easy.
Start your search by first writing down all the regular medications you take. Then, make note of the pharmacies around you. When you have these notes in front of you, our Medicare advisors can help you compare plans and their prescription costs quickly to help you enroll in the right one.
Get help finding the right Part D coverage in Texas. Call us at 855-900-2427 or schedule a time to chat to get started.
