Medicare Prescription Drug Plans

Medicare Prescription Drug Plan- Part D

Medicare Prescription Drug Plans are an important part of the Medicare system. They provide coverage for prescription drug costs for those ages 65 and older, as well as those with certain disabilities. Medicare Part D was created in 2006 & was designed to help reduce the cost of prescription medications for seniors and those with disabilities.

What is part D?

Medicare Part D is offered as a stand–alone plan or as part of a Medicare Advantage plan. Part D plans are available through private insurance companies, and each plan has different coverage options.  Medicare Part D is the prescription drug coverage portion of Medicare. Some plans may provide higher coverage for certain drugs, while others may not. It is important to read the plan details carefully to make sure you understand the coverage you will receive.

What drugs does Part D cover?

Medicare Part D plans generally cover both generic and brand–name drugs. They also cover some over–the–counter medications, such as aspirin, antacids, and certain vitamins and minerals.

Drugs normally excluded:

• drugs used to treat infertility
• drugs used to treat anorexia or bulimia
• drugs used to induce labor
• drugs used to treat acne

What are the costs associated with Part D?

 Medicare Part D monthly premiums vary. They depend on the type of plan you choose, the drugs you take, and your income level. Generally, you will have to pay a monthly premium, a deductible, and a co–payment or co–insurance for each prescription you fill. Premiums vary by plan. In general, the higher the premium, the lower your out–of–pocket costs. Deductibles also vary by plan, and some plans have no deductible. Co–payments and co–insurance are the amounts you have to pay for each prescription you fill. In addition to these costs, you may also have to pay a late enrollment penalty if you do not sign up for a Medicare Part D plan when you are first eligible.

How do I choose a Medicare Part D plan?

It is important to consider your health needs and budget when selecting a plan. You should consider the type of drugs you take, the cost of the drugs, and the coverage provided by the plan. You should also consider the plan‘s monthly premium, deductible, co–payments and co–insurance, and any other out–of–pocket costs. A local insurance broker can help you compare plans and check prices using the Medicare website.  It is important to remember that you can change your Medicare Part D plan once a year, during the open enrollment period. You can also change your plan if you have a qualifying event, such as a move or a change in your health needs. 

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