Medicare Part D
Medicare Part D provides prescription drug coverage. It’s an excellent option whether you are currently taking medication or are planning for the possibilities of the future. Let’s discuss the options and whether or not Part D is right for you.
Original Medicare
Original Medicare consists of Parts A and B. While there are some medications covered through Original Medicare, the list is not extensive and it’s not intended to provide permanent prescription drug coverage. If you’re wanting to enroll in prescription drug coverage, consider Part D.
The majority of Medicare Advantage plans also already provide prescription drug coverage, so this would be considered one of the added benefits of Medicare Advantage.
Tiers
Part D is divided up into four different tiers:
- Tier 1—most generic prescription drugs with the lowest copayment
- Tier 2—preferred, brand-name prescription drugs with a medium copayment
- Tier 3—non-preferred, brand-name prescription drugs with a higher copayment
- Specialty tier—very high cost prescription drugs with the highest copayment
If you’re wondering which tier your prescriptions would be in, take a look at the drugs that are covered in the plan’s formulary.
During the Medicare Annual Enrollment Period (Oct. 15 – Dec. 7), you can make a change to your drug plan. This is important, as certain drugs may shift coverage during the year. Medicare continually updates their plans so that they align with new treatments and always offer the best to beneficiaries. If you’re wondering what a change in coverage could mean for your drug plan, reach out to our professionals today.
Keep in mind that planning for the future is an important part of selecting insurance. If you’re having trouble choosing a Part D plan, remember that your health needs could change. Making decisions based on those possibilities can be difficult, but pay off in the long run. If your drug policy no longer suits your needs, talk to an insurance agent who can discuss possibilities and help you select the right plan.
