Medicare Part D
Medicare Part D is private insurance that provides coverage for prescription drugs. Many Medicare Advantage plans include this, or you can purchase a Part D plan that works alongside your Original Medicare coverage.
There is a 1% per month penalty if you do not sign up for this and do not have creditable coverage. You will continue to pay the penalty for the rest of your life. Click here for more info from Medicare.gov.
It is important to check each plan carefully to ensure it covers the drugs you need before purchasing it. Without significant health changes, you cannot change your Part D coverage until the Annual Enrollment Period (Oct 15 – Dec 7), so be careful to choose the right one up front.
Medicare requires Part D plans to cover at least two prescription drugs from each class or category. They must also cover most, if not all, drugs that fall into these specific categories:
- antipsychotics
- HIV medications
- anticonvulsants
- cancer treatment drugs
- antidepressants
- immunosuppressants
Part D plans do not cover dietary supplements, weight control drugs, hair loss treatments, or over-the-counter medications.
Tier System
Each Part D plan may have a different tier system and may contain different prescription medications. It is especially important to review a plan to ensure you receive the coverage you need at a price that works for you.
Many Part D plans use a tier system to lower costs, but many will divide their tiers differently. Typically, the lower the tier, the less a specific drug in that tier will cost. There can be up to six tiers, depending on the plan you choose.
Cost
Part D plans have a deductible ranging up to $505 yearly. (This is typically for tier 3 and up Rx)
Part D monthly premiums range from $7.10 to $105.20, with an average of less than $30 + the cost of prescriptions.
The cost of the plan may change each year based on location, income, and the type of drugs covered by the plan.
If you are interested in a Part D plan, reach out to us. We are here to make sure you get the coverage you need. (918) 280-8025. We can help you get the process started!