Medicare Part D
Medicare beneficiaries have the option to sign up for Medicare Part D to provide coverage for their prescription drug expenses. Medicare Part D prescription drug coverage is available in two ways.
Those that opt for Original Medicare don’t have benefits for a prescription drug, so they can get coverage by signing up for a stand-alone Medicare Part D prescription drug plan to work alongside their Original Medicare coverage. If you have a Medicare Advantage plan, you can get prescription drug coverage by signing up for a Medicare Advantage plan that includes Medicare Part D.
Medicare Part D prescription drug plans are available through private insurance companies that are approved by Medicare, so availability and costs may differ between insurance companies, location, and plans.
Medicare Part D Prescription Drug Coverage
Each plan that includes prescription drugs has its own list of covered medications, known as a formulary. All Medicare Part D plans must provide coverage for certain categories of prescription drugs, but the specific medications covered in each category may vary depending on the plan and the insurance company.
All Medicare Part D plans must cover at least two prescription drugs from the most prescribed medication categories and classes. These include:
- Immunosuppressants
- Antidepressants
- Antiretroviral (HIV/AIDS)
- Antipsychotics
- Antineoplastic (cancer)
- Anticonvulsant
Get Your Coverage
We are not connected with or endorsed by the United States government or the federal Medicare program.
Medicare Part D Prescription Drug Costs
If you decide to get a standalone Medicare Part D plan, you will pay your portion of the monthly premium, which varies depending on the plan you choose and your income. Like most other health insurance plans, Medicare Part D has a deductible, which is the amount you will be responsible for before your coverage starts paying a portion of its costs. However, while the deductible cannot exceed $445 as of 2021, some Part D plans will have a much lower
How to Shop For Medicare Part D Coverage
It is important to review Medicare Part D plans to ensure they cover the prescription drugs you are currently taking.
If you need help exploring your Medicare Part D prescription drug plan options, don’t hesitate to contact Lifetime Insurance Group.