Part D Prescription Medicare Drug Plans
Mike explains the donut hole and Part D.
In this short video Mike explains how to find help paying for part D prescriptions.
Medicare prescription drug plans, also known as Part D, are designed to help people with Medicare afford their prescription medications. These plans are offered by private insurance companies approved by Medicare. If you have Original Medicare (Part A and Part B), you can enroll in a stand-alone Part D plan. If you have Medicare Advantage (Part C) you may choose a plan that includes prescription drug coverage. Medicare prescription drug plans have four phases: Deductible, Co-payment, Coverage Gap, and Catastrophic. These phases are like riding a roller coaster, so it is important to understand your coverage. It’s essential to choose a plan that covers your specific medications and pharmacies to ensure you get the most cost-effective and convenient coverage for your prescription needs.
When considering a Medicare Part D plan, it’s crucial to evaluate the list of covered drugs, known as the formulary, to make sure your medications are included. Additionally, understanding the plan’s cost-sharing structure, including copays, coinsurance, and any coverage gaps (the infamous “donut hole”), will help you manage your out-of-pocket expenses. It’s wise to review and compare different Part D plans annually during the open enrollment period, as plan details and your medication needs may change, ensuring you have the most suitable and cost-effective coverage for the year ahead.
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