When shopping for Medicare Part D plans, you may find yourself interested in a SilverScript drug plan. SilverScript is a Part D prescription program that offers drug plans approved by Medicare to provide Part D coverage. These drug plans are a popular choice for many seniors because they offer low premiums and comprehensive coverage.
SilverScript Part D Plans
There are three different Medicare Part D Plans offered by SilverScript:
- SilverScript SmartRx
- SilverScript Choice
- SilverScript Plus
Each plan varies in cost and coverage.
- The SmartRX plan is a basic level plan and is intended for individuals who don’t rely on regular medications or commonly use generics.
- The Choice plan offers $0 deductible on tier 1 and tier 2 drugs and $0 premium for those enrolled in Medicare Extra Help.
- The Plus plan offers extra benefits, discounts, and enhanced coverage.
SilverScript Part D Benefits
The SilverScript drug plan offers a variety of benefits that differs between plans. In general, the benefits include:
- Low copays
- Affordable premiums
- Access to a network of more than 65,000 pharmacies nationwide
- Formularies that cover almost all commonly prescribed medications
How Much Does a SilverScript Drug Plan Cost?
The cost for a SilverScript drug plan can vary depending on the area or region you live in. The standard annual deductible threshold for Part D plans in 2021 is $445, so you can expect to pay no more than that for your yearly Part D plan deductible. SilverScript drug plans also typically have low or even $0 copays for tier 1 drugs.
If you’re unsure whether or not a Medicare Part D plan is worth the cost visit “Is Medicare Part D Worth the Cost?”
How to Choose a Part D Plan?
There is no one-size-fits-all when it comes to prescription drug coverage. While one plan may work for a friend or family member, it may not be the best choice for you. Each individual has their own specific needs when it comes to prescription coverage, which is why it is important to compare multiple plans before enrolling in a Part D drug plan.
Whether you are choosing between SilverScript drug plans or another carrier it’s best to be prepared before comparing plans by knowing the answers to questions like:
- How many prescriptions do you take?
- Does the plan cover all your medications?
- Are there any coverage restrictions?
- How much will your monthly premium and annual deductible be?
- How much will you pay for brand-name and generic drugs?
SilverScript Enrollment Period
Avoid a costly late enrollment penalty by enrolling in a SilverScript drug plan or Part D drug plan when you are first eligible. The first opportunity you have to enroll is during your Initial Enrollment Period (IEP).
The Initial Enrollment Period is a 7-month time frame that begins 3 months before your 65th birthday, runs through your birth month, and ends 3 months after your 65th birthday.
If you do not enroll in a drug plan when first eligible and you do not have creditable drug coverage, you may face a late enrollment penalty once you decide to enroll. The late enrollment penalty is a permanent amount that is added to your monthly Part D premium and remains in place the entire time you are enrolled in a prescription drug plan through Medicare.
You can also enroll, disenroll, and change prescription drug plans during the Annual Enrollment Period (AEP) each year from October 15 – December 7. However, the late enrollment penalty will apply to first-time enrollees who did not enroll in coverage during their IEP.