Medicare Part D Prescription Drug Benefits
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If you are one of the millions of Americans who rely on Medicare to provide their health insurance benefits, then you might wonder how you are supposed to receive coverage for prescription drugs.
While countless people take prescription drugs every day, standard Medicare does not automatically cover them. However, prescriptions can still be very expensive without the aid of insurance. That’s why the Medicare program also provides Medicare Part D prescription drug plans, which will provide quality benefits that will help you receive your essential prescriptions at an easily affordable price.
Reviello’s Insurance Agency offers numerous Part D plan options to Pennsylvanians who are enrolled in Original Medicare. Just give us a call at (570) 497-4784 or request a quote online to learn more about this exceptional benefit.
Common Medicare Part D Questions
The standard Medicare plan, also called Original Medicare, does not automatically cover most prescription drugs. It only provides hospital benefits and medical (outpatient) benefits.
However, because of the critical role of prescription drugs in Americans’ wellness regimens, the Medicare program offers Part D prescription drug coverage as an easily attainable addition to Original Medicare. Part D policies are private plans offered by numerous major insurers. However, they all must meet standards set by federal Medicare regulations, and must cover a diversity of drugs so that policyholders have a choice of prescriptions.
What Does Medicare Part D Insurance Cover?
When you need to have a prescription filled, you can visit your pharmacy and use your Medicare Part D insurance as a form of payment. If your plan covers the prescription in question, then you will likely pay only a nominal co-payment for the medication. Within your plan, you will receive coverage for generic, brand-name and specialty drugs to combat a variety of illnesses, from the routine to the unique.
What Medicare Part D Plan is Best?
Insurers have a degree of freedom to determine the prices, formularies and networks within their Part D plan offerings. Therefore, you’ll want to choose one that will offer you the best choice of drugs, easy access to local pharmacies and affordable drug prices.
A few things to keep in mind are:
Your plan choices may be limited depending on the policies available in your area.
To receive optimized coverage and the lowest costs, you should use a pharmacy within your plan’s network.
Insurers will use different formulas to set the costs of each prescription in their formulary.
Plans also include coverage phases—initial coverage, the donut hole and catastrophic coverage—that you encounter based on how much you are spending on prescriptions. Your drug costs might vary depending on where you are in the plan cycle.
Most plans must give patients a choice of drugs. You can ask your doctor to appeal for coverage if your plan does not already cover a drug you need.
When Can I Enroll in Medicare Part D Coverage?
There are two times when you can qualify to enroll in Part D coverage:
The Medicare Initial Enrollment Period (IEP). This is a seven-month period that centers around your 65th birthday. It lasts from the first day of the month three months before your 65th birthday to the last day of the month three months after.
Medicare Annual Enrollment. This period occurs each year from Oct. 15 – Dec. 7.
If you qualify for a special enrollment period for Original Medicare, then you can also enroll in Part D coverage at this time.
Please note, if you purchase a Medicare Advantage (Part C) plan, then your benefits will often include prescription drug coverage. There is no need to buy a separate Part D plan unless your Advantage plan doesn’t offer this coverage. If you wish to drop your Advantage plan and return to Original Medicare, then you might be able to enroll in Part D coverage at this time.
Call us today at 570-497-4784 of fill out an online quote now.