What is a Medicare Drug Formulary?

In 1967 Mr. McGuire had one word for recent graduate Benjamin Braddock.


Today, 43 years later, Mr. McGuire might have a different bit of advice for good old Benjamin. As Benjamin is turning 65 and looking over all the Medicare Prescription Drug Plan (PDP) options, I can imagine Mr. McGuire looking at him and saying this.

Mr. McGuire: I want to say one word to you. Just one word.
Benjamin: Yes, sir.
Mr. McGuire: Are you listening?
Benjamin: Yes, I am.
Mr. McGuire: Formulary's.
Benjamin: Just how do you mean that, sir?

For a Georgia senior trying to pick the right PDP, or even decide if they need any plan at all, the choices are mind boggling.

Some have prescription drug deductibles, some do not.

Some have copay's, some do not.

Some penalize you if you don't use certain drug stores or mail order drug fulfillment services.

And then there are those formulary's.

Is this drug covered or not? What is my copay with carrier ABC vs plan XYZ?

If you pick strictly based on the cost of the plan you will most likely have more out of pocket than if you had opted for a higher premium PDP.

This is like comparing Medicare Advantage Plans to Medigap plans.

MAP's usually have a lower premium but much higher out of pocket than a good Med supp plan.

One PDP that is being heavily promoted right now at Wal-Mart and Sam's Clubs is a PDP for only $14.80 per month. The price may be right but
does the coverage match your needs?

Before buying ANY Medicare PDP use the prescription drug finder at Medicare.gov.

If Benjamin were in Wal-Mart right now he might be saying, "You're trying to seduce me, aren't you?".

And then Wal-Mart would reply, "Would you like me to seduce you?".

Of course we know how that scene unfolded.

When low priced PDP's try to seduce you, how will you react? 

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