23 Best Medicare Part D Plans in Florida for 2023

We found the 23 best Medicare Part D Plans in Florida for 2023.

We also ranked the best Medicare Advantage plans with Part D in Florida for 2023.

The Four Phases of Every Florida Medicare Part D Plan

Florida Medicare prescription drug plansMedicare Part D plans are an option Medicare beneficiaries can use to get prescription drug coverage. Part D plans provide cost-sharing on covered medications in four different phases: deductible, initial coverage, coverage gap, and catastrophic. Each... help beneficiaries pay for their prescription medications. If you are new to Medicare, some of the Part D plan concepts may be foreign to you. So we'll start with an overview of the four cost-sharing phases.

Phase 1 is the Deductible

The deductible (up to $505 in 2023) is the amount that you pay before your Medicare Part D plan begins paying its share of the costs. So, if you enroll in a 2023 prescription drug plan with a $480 deductible, you'll spend $480 out-of-pocket before cost-sharing coverage begins. Most Medicare Part D plans have a deductible, but some Medicare Part D plans exclude Tier 1 drugs from the deductible, giving immediate coverage on most generic medications.

Phase 2 is the Initial Coverage Limit

The 2023 Initial Coverage LimitOnce you have met your yearly deductible, you will pay a copayment or coinsurance for each covered drug until you reach the initial coverage limit. You will then enter your plan’s coverage gap (aka, “donut... (ICL) is $4,660. The ICL phase is when your Part D plan begins to pay the bulk of the costs. If your prescription costs exceed $4,660, you will enter the Coverage GapA period of time in which you pay higher cost-sharing for prescription drugs until you spend enough to qualify for catastrophic coverage. phase (aka, "donut hole").

Phase 3 is the Coverage Gap

After your gross drug costs have reached $4,660, you will enter the Coverage Gap phase. This is where you will pay 25% of your medication's retail cost. While the price of generic drugsA generic drug is a prescription medication that has the same active ingredient formula as a brand-name drug. Generic drugs usually cost less than brand-name drugs. might not be much different, what you pay for brand-name drugs will be higher (because you're paying 25% of the full price). This will continue until you reach $7,400 in True Out Of Pocket Costs (TrOOP).

Some plans offer additional gap coverage, so look for it on the plan information pages.

Catastrophic Coverage is the Fourth Phase

Once you've spent $7,400 out-of-pocket you are out of the coverage gap phase and will receive catastrophic coverage. This happens automatically and ensures that you only pay a small amount for all covered drugs for the remainder of the year.

The out-of-pocket costsOut-of-Pocket Costs for Medicare are the remaining costs that are not covered by the beneficiary's health insurance plan. These costs can come from the beneficiary's monthly premiums, deductibles, coinsurance, and copayments. that help you get catastrophic coverage include:

1. Your plan's deductible;
2. What you paid during the initial coverage limit period;
3. Most of the full cost of brand-name drugs (and the manufacturer’s discount) purchased in the coverage gap;
4. The amount paid by others, including family members, most charities, and other persons on your behalf; and
5. The amount paid by State Pharmaceutical Assistance Programs (SPAPs), AIDS Drug Assistance Programs, and the Indian Health Service.

The Lowest Premium May Not Be the Lowest Overall Cost

Choose from the available Part D Medicare plans carefully, and don't settle on a Part D plan until you know that your most expensive medications are covered at a price you can afford. This information is available in the plan's formularyA formulary is a list of prescription drugs covered by a prescription drug plan or another insurance plan offering prescription drug benefits. Medications not on a plan's formulary are generally not covered.. You'll find links to the formulary information, pharmacy information, and the customer service phone number on each PDP page (above).

VITAL: Identifying the best Medicare Part D Plans requires research. What works the best for you is all about your regular prescriptions (if any), your health, and what you can afford.

Medicare Part D is Included in Most Medicare Advantage Plans

Your Medicare benefits are flexible, and there's more than one way to get prescription drug coverage. If you want to keep your Original MedicareOriginal Medicare is private fee-for-service health insurance for people on Medicare. It has two parts. Part A is hospital coverage. Part B is medical coverage., you can enroll in one of the stand-alone prescription drug plans available in Florida. The other way to get Part D coverage is to enroll in one of the many Medicare Advantage Plans available in Florida that include Part D benefits.

Medicare Part D and Medicare Supplements Work Together

Are you thinking about supplemental Medicare insurance that can offer you more coverage? It's a smart move. Original Medicare only covers about 80 percent of your major medical bills, leaving you to cover the rest. We make it easy to find the lowest rates on Florida Medicare Supplements, also known as Medigap plans. The choice is yours because all Part D plans are compatible with the full range of Florida Medicare SupplementsMedicare Supplements are additional insurance policies that Medicare beneficiaries can purchase to cover the gaps in their Original Medicare (Medicare Part A and Medicare Part B) health insurance coverage..

Getting Medicare Part D with Florida Medicaid

Florida beneficiaries who qualify for both Medicare and Medicaid (aka, "dual eligible" or "Medi-Medi") may be enrolled in a Florida Medicare Prescription Drug Plan automatically, as well as Social Security's Extra Help program. The Extra Help program pays for most of your prescriptions, but only if you meet the strict eligibility requirements. If the dual eligible option does not meet your needs, you have the option to enroll in a Florida Part D plan that does. If you are already receiving MedicaidMedicaid is a public health insurance program that provides health care coverage to low-income families and individuals in the United States., contact your local Medicaid office for assistance in the transition to Medicare.

Citations & References

1. Medicare.gov, "Drug coverage (part D)", Last Accessed September 21, 2022
2. Medicare.gov, "How Part D works with other insurance", Last Accessed July 14, 2022
3. Medicare.gov, "Medicare costs at a glance", Last Accessed September 11, 2022
4. Medicare.gov, "What's Medicare Supplement Insurance (Medigap)?", Last Accessed June 7, 2022
5. SSA.gov, "Extra Help with Medicare Prescription Drug Plan Costs", Last Accessed June 1, 2022
6. CMS.gov, "Landscape Source Files", Last Accessed January 15, 2023
7. CMS.gov, "Medicare Part C & D Performance", Last Accessed January 15, 2023

This Medicare Part D plan state information page was last updated on January 17, 2023.