Part D spreadsheet?

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
Post Reply
Topic Author
spammagnet
Posts: 1323
Joined: Wed Apr 27, 2016 9:42 pm

Part D spreadsheet?

Post by spammagnet »

I'm eligible for a part D special enrollment period. Some of our prescriptions are purchased only annually for use as needed, which is rarely. In comparing plans, their drug cost estimators are limited as to the frequencies that can be used, e.g., monthly. The underwriter's web site does show the payments for each drug during each phase.

Does anyone know of a spreadsheet I can use to more accurately estimate Part D costs, based on our regular purchase of some drugs and infrequent purchase of others?

I tried to search for "Part D" +spreadsheet but the system doesn't seem to be able to search for "part d" as a phrase.
Nowizard
Posts: 3383
Joined: Tue Oct 23, 2007 5:33 pm

Re: Part D spreadsheet?

Post by Nowizard »

Welcome to the important and often confusing world of Part D. I assume you are making comparisons through the government site that will list all plans, often 30 or so, available in your geographical area. There are those with no deductible that can be more expensive than ones with deductible, and ones with deductibles with none for Tier 1 medications. What we have found is that for those who have limited medications such as common statins or BP meds and generally good health, the most economical approach has been to take the least expensive one and assume that we will either not be prescribed an expensive medication during that year (You can change each year) or appeal for ones not in the formulary if your provider does not have an alternative contained in it. If there is a more expensive medication, then comparing programs becomes more significant. One of our programs has a $450 deductible but total med cost in 2020 was less than $150 due to all meds being Tier 1 with the exception of a one-month prescription for a specific illness. The other program has a $450 deductible and a $25 co-payment after that which is the cheapest available for one of us taking a med that has a cost of $440 monthly over-the-counter. Things change, and there is no better way we have figured to determine choices other than annually evaluating options based on current and possible medications.

Tim
mhalley
Posts: 8976
Joined: Tue Nov 20, 2007 6:02 am

Re: Part D spreadsheet?

Post by mhalley »

I found this one but don't know if it will do the infrequent drugs.
https://insuremekevin.com/part-d-prescr ... readsheet/
If that doesn't work, maybe try your local ship?
https://www.shiptacenter.org/
BigJohn
Posts: 1994
Joined: Wed Apr 02, 2014 11:27 pm

Re: Part D spreadsheet?

Post by BigJohn »

I just finished doing this comparison although most of my current meds are few, common and generic. The Medicare.gov site gave me all the details needed but I learned one important lesson. I need an epinephrine injector once per year and it was driving me to higher cost insurance for lowest annual out-of-pocket costs. I went to GoodRx and found that I can get one cheaper not using insurance than any available Part D option. This allowed me to go with the cheapest available Part D plan. I talked to a Medicare insurance agent and found out that this is pretty common.

Why does this happen? Well, it all gets back to the legal requirement that no government program is allowed to negotiate drug prices. So all Part D plans start with the full list price and if the drug is in a high tier, it can be very costly to you as a result. GoodRx is not constrained by the inability to negotiate and so can sometimes be a lower cost than going through insurance. It may not be in your case but it’s worth checking out and easy to compare online.
"The greatest enemy of a good plan is the dream of a perfect plan" - Carl Von Clausewitz
Topic Author
spammagnet
Posts: 1323
Joined: Wed Apr 27, 2016 9:42 pm

Re: Part D spreadsheet?

Post by spammagnet »

BigJohn wrote: Tue May 18, 2021 5:18 pm… I went to GoodRx and found that I can get one cheaper not using insurance than any available Part D option. This allowed me to go with the cheapest available Part D plan. …
Thanks. We also have to buy Epipens annually and that was one for which I was having a problem determining the cost. My local pharmacist had suggested GoodRx for a typically-noncovered drug but I had forgotten about it. That may be our best approach for the Epipens. The others are inhalers, both of which are moderate in cost but infrequently purchased. The latter fact is what screws up the calculations. I think insurance claims will be the best approach for those. I was just trying to estimate total annual costs for budgeting reasons.
Topic Author
spammagnet
Posts: 1323
Joined: Wed Apr 27, 2016 9:42 pm

Re: Part D spreadsheet?

Post by spammagnet »

mhalley wrote: Tue May 18, 2021 2:42 pm I found this one but don't know if it will do the infrequent drugs.
https://insuremekevin.com/part-d-prescr ... readsheet/
If that doesn't work, maybe try your local ship?
https://www.shiptacenter.org/
I'll check them out. Thanks
Edit: the link to the file on insuremekevin isn't working.
Duzz78
Posts: 18
Joined: Sat May 15, 2021 9:10 pm

Re: Part D spreadsheet?

Post by Duzz78 »

Other companies beside GoodRx, are Incarerx or Singlecare. I think GoodRx is the better choice. I handled my mom's part D items. Every October I would a list of her drugs used. I never used one time type drugs when on Medicare.gov site. Every year for 7 years I changed between two plans because of cost or in the last 3 years, her drugs changed. Every year during open enrollment, go through the process you just did. Drug formularies easily change, even on the same insurance plan. Your drugs may change.
Duzz78
Posts: 18
Joined: Sat May 15, 2021 9:10 pm

Re: Part D spreadsheet?

Post by Duzz78 »

Other companies beside GoodRx, are Incarerx or Singlecare. I think GoodRx is the better choice. I handled my mom's part D items. Every October I would a list of her drugs used. I never used one time type drugs when on Medicare.gov site. Every year for 7 years I changed between two plans because of cost or in the last 3 years, her drugs changed. Every year during open enrollment, go through the process you just did. Drug formularies easily change, even on the same insurance plan. Your drugs may change.
mhalley
Posts: 8976
Joined: Tue Nov 20, 2007 6:02 am

Re: Part D spreadsheet?

Post by mhalley »

Sorry, I didn’t try downloading the spreadsheet. The post says if you have problems downloading to email him and he will send it to you. His email is kevin@insuremekevin.com
Topic Author
spammagnet
Posts: 1323
Joined: Wed Apr 27, 2016 9:42 pm

Re: Part D spreadsheet?

Post by spammagnet »

mhalley wrote: Thu May 20, 2021 5:18 pm Sorry, I didn’t try downloading the spreadsheet. The post says if you have problems downloading to email him and he will send it to you. His email is kevin@insuremekevin.com
Thanks. Will do.
Post Reply