Prescription Drug Plans - Part D Coverage

If you have Medicare, you have the option of adding Part D, which will help you cover the costs for prescription medication. This can make all the difference in saving you money on medication, so it’s worth looking into.

Medicare Part D can be added to your existing Medicare plan, whether it’s Part A, B or C, giving you comprehensive coverage that will save you money on health care costs. Those shopping around for Medicare Part D are encouraged to compare the plans and rates from various insurance providers. While Medicare is standardized by the federal government, the amount you end up paying could vary from one carrier to another, therefore it’s essential to compare.

How It Works

In order to qualify for prescription drug coverage you will need to have Medicare Parts A and/or B. From there you will be able to join a plan run by an insurance company that is approved by Medicare. You will have two options when it comes to adding this coverage to your plan:

  1. You can add Medicare Part D to your existing plan, whether it’s Medicare Part A (hospital insurance) and/or Part B (medical insurance).
  2. Instead of choosing one or the other, you can enroll in Medicare Part C, which gives you Medicare Parts A, B and D. This is also referred to as a Medicare Advantage Plan, as it provides more comprehensive coverage.

To join a plan, you should enlist the help of reputable professional who will allow you to compare various plans from one provider to the next.

What’s Covered

Medicare Part D plans have a list of drugs that are covered, and many will break them down into different tiers according to their costs. You will have the option of deciding which tier you want to pay for. While you will have your prescription drugs covered with this plan, you will still be required to pay a number of fees:

  • Deductibles
  • Premiums
  • Copayments or coinsurance

This part of Medicare won’t cover all drugs. Here’s a list of drugs that are NOT covered by Medicare Part D:

  • Over-the-counter drugs
  • Fertility drugs
  • Drugs for weight loss, weight gain or for anorexia
  • Cold and cough medicines
  • Prescription vitamins

Benefits of Part D

The primary benefit of Medicare Part D is that you will save money on your prescription medications. Where you would otherwise to be forced to pay out of pocket, Medicare Part D will make all the difference in giving you an affordable option in getting your prescription drugs covered.

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