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Medicare Part D

Medicare Part D is the part of your Medicare benefit that pays for some, but not all, of the costs for your prescription drugs and only at participating area pharmacies.  If you are on Medicare, then you are eligible for Part D regardless of your income, resources, health, or current prescription expenses.  There are two types of Part D plans, which are solely voluntary and will help you save money on prescription drug costs.

 

PDPs (Medicare Part D Prescription) are stand alone plans that can be added to your original Part A and Part B Medicare benefits, or used in conjunction with Medicare Supplement plans.  They are governed by Medicare, however offered through private insurance carriers.  

 

MAPDs (Medicare Advantage Prescription Drug Plans), are stand alone plans offered through private carriers that can be added to Medicare Advantage health plans (cover Part A and B benefits) , or they can be purchased separately, however, to enroll in this type of plan, you need to be enrolled in both Medicare Part A and Part B. 

 

Monthly premiums, annual deductibles, and additional prescription drug co-pay amounts vary based on the plan chosen.  Medicare negotiates and sets preapproved standard costs for all prescription drug benefits each year.  Private companies offer plans with different costs and selections of drugs covered.  Keep in mind that the least expensive prescription drugs are the ones listed on the plan formulary, which is where you will also find any restrictions and limits of coverage listed.  In the end, the higher the monthly premium means the more benefits offered to the consumer.

 

There are quite a few important things to know about enrolling in Medicare Part D such as age limit and the time of year enrollment is open.  Please call our office or visit www.medicare.gov for more info.  

 
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