When you buy Medicare Part D prescription drug coverage, you usually pay a monthly premium, which varies by plan, and you may pay a yearly deductible. You will also have additional costs for your prescriptions. These additional costs are called copayments or coinsurance, depending on the plan you select.
Medicare sets standard costs for the prescription drug benefit each year. Private companies approved by Medicare offer plans with different costs and selections of prescription drugs. You can select a plan based on the prescriptions you take and select a company that is most effective for you; you’ll pay more if your prescriptions are not in the plan formulary or the plan restricts or limits their use.
To reduce your costs, the TDI recommends that you visit and use Medicare’s online Formulary Finder for Part D plans.
While most state’s Medicare information programs discuss the so-called “donut hole” in Part D coverage, the Texas HICAP discusses this coverage gap in detail. Here’s a chart that the program offers to illustrate the donut hole:
The donut hole: Once your annual drug costs exceed $2,930 in 2012, you will get a 50 percent discount on your plan's covered brand-name prescription drugs. (There will be additional savings for you in the coverage gap each year through 2020 when you will have full coverage in the gap.)
The chart below lists the amounts you'll pay depending on the cost of your prescriptions in 2012:
* Your monthly premium will vary according to the plan you choose. Premiums range from $15 to $104 per month. In general, plans with higher premiums offer more benefits, such as coverage during the gap or no deductible. You may be able to qualify for low-income subsidies to help you pay your monthly premium.
The list below contains the highest rated Medicare Part D prescription drug plans in the state of Texas. It is for informational purposes only and some listings may be inaccurate or missing. The list was provided by the Centers for Medicare and Medicaid Services (CMS), but due to the variance in plans based on county, city, and region, some options may not be available in your location.