Medicare Part D Prescription Drug Plans
Medicare Part D plans are offered by private companies
to help cover prescription drugs. Everyone with Medicare can get
this optional coverage to help lower their prescription drug costs.
Medicare Part D covers both brand-name and generic prescription
drugs at participating pharmacies.
There are two types of Medicare Part D coverage:
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Stand-alone plans, also referred to as Prescription
Drug Plans (or PDP plans), which solely offer prescription
drug coverage.
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Medicare Advantage plus Prescription Drug
(or MAPD) plans that offer prescription drug coverage as well
as medical coverage for doctor visits and hospital expenses.
Each Part D plan has a formulary (drug list) - a
list of government-approved medications the plan will cover. This
list may also be referred to as a prescription drug list (PDL)
or a covered medications list (CML). Drug coverage varies from
one plan to another, so if you are considering a Part D plan,
you may wish to review the plan’s Prescription Drug List
to be sure it will meet your needs.
How does Medicare Part D work?
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Like other types of insurance, Part D plans
may have a monthly plan premium and a yearly deductible. These
vary from plan to plan.
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You pay a portion of your drug costs, including
a copayment or coinsurance. Costs vary depending on which
drug plan you choose.
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Coverage options, including drug coverage,
may vary from plan to plan.
If you do not take prescription drugs at this time,
but are eligible to enroll in Part D, you may want to consider
being covered now. Keep in mind that if you select a plan that
does not cover prescription drugs, you may end up paying what
is known as the Part D penalty if you do enroll in a Part D plan
later.
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