While Medicare Part D is optional, it is highly recommended everyone enrolls in Medicare Part D once they become eligible. Many of those who enroll in Medicare tend to enroll in the Original Medicare Plan, which does not offer prescription drug coverage, so they simply forget about that part of their health coverage. It is imperative to remember that Medicare offers prescription drug coverage through Medicare Part D! 

If you're enrolled in Original Medicare, then you can simply enroll in Medicare Part D separately as a stand-alone plan and receive prescription drug coverage. If you choose to enroll in a Medicare Advantage Plan, also known as Medicare Part C, then you will more than likely already have prescription drug coverage bundled into your insurance plan. It's always important to check with your Medicare Advantage Plan provider to ensure you receive that benefit, though. 

How Medicare Part D Is Constructed

Medicare Part D is provided by private insurance companies but is required to follow guidelines established by Medicare. Each Medicare Part D Plan will have a formulary that is created by your plan provider. Each formulary will differ, but they will all list the prescription medications that your provider has chosen to cover. There are certain medications, such as those that help manage HIV/AIDS, that they are required to cover.

Once you've checked your plan’s formulary to ensure your medication is covered, you then find out what “tier” your medication falls under. Most plans have five tiers. Tiers one and two are typically generic medications and are the cheapest ones as well. Some brand-name drugs may be included in tier two as well. As you go farther up the ladder into tiers three, four, and five, the price of the medication increases due to what it may treat or if it is a specialty drug.

How To Choose The Best Medicare Part D Plan For You

There are a few priorities you should evaluate about yourself when deciding on the best Medicare Part D coverage plan for you. 

• Do you take specific prescription medications already?

- Then you need to check the plan’s formulary to ensure your medication is listed. If it is listed on their formulary, which is simply a list of drugs, then it is a covered prescription drug. 

• Do you want balanced drug expenses throughout the year?

-You should search for plans with a low deductible or even no deductible at all. You may also want to check on additional coverage within the coverage gap.

• Do you take a lot of generic prescriptions?

-Find a drug plan with tiers that charge little to no copayments for generic medications. 

Save Money on Your Prescription Meds 

Once your Initial Enrollment Period begins, do not just enroll for Original Medicare. Protect yourself, and your future, by enrolling in a Prescription Drug Plan as well. For more information about how you can save money on your medicine, give us a call today!

Getting health insurance is so important. Making sure that you have the right type of health insurance is one of the best ways to save money and make sure that you have access to the medical care that you need.

Understanding Medicare

Medicare is health insurance that the US government provides. Seniors are the target audience for Medicare, though those with certain disabilities can also apply. Keeping this in mind is important, because Medicare is very specific about eligibility. 

Making sure that you’re eligible for Medicare can be both simple and complex, so it’s best to make sure that you have an insurance agent you can trust. They’ll be able to provide you with further information and make sure that you fill out paperwork correctly. Being able to rely on an insurance agent can greatly reduce your stress and provide you with peace of mind when it comes to enrollment and policy selection.

Medicare is divided up into different parts. Parts A and B are what makes up Original Medicare. Many people choose this option because they want standardized coverage. However, this option does not include prescription drug coverage.

Part D

If someone enrolled in Original Medicare wants prescription drug coverage, then they will need to enroll in Part D. This will provide them with coverage at the pharmacy, which could end up saving individuals thousands of dollars each month. Making sure that you have prescription drug coverage is one of the smartest financial decisions that many people make, so it’s important to keep in mind.

Part D is only available for those that are enrolled in Original Medicare. Medicare Advantage policies typically include prescription drug coverage, so that’s why Part D is not included for that specific type of policy.

Is Part D right for you?

Part D is an extremely important part of Medicare. Many people are relieved to have prescription drug coverage and know that their bills at the pharmacy won’t be too high. If you’re enrolled in Original Medicare and want to choose Part D as well, then speak with an insurance agent who can help you through the enrollment process.

We’re here to provide you with individualized support and make sure that you feel confident about your decisions. Call us today to book an appointment. We look forward to hearing from you and being part of your Medicare journey.