Medicare Part D: Prescription Drug Coverage
What Medicare Part D covers, and how much it costs
Medicare Part D provides prescription drug coverage to help seniors pay for medications. This article from LYFEAHEAD Insurance explains what Part D includes, what it costs, and how to enroll.
What Does Medicare Part D Cover?
Original Medicare does not include prescription drug coverage. To get this benefit, you must enroll in a standalone Part D plan or a Medicare Advantage plan that bundles Part D. These plans are offered by private insurers approved by Medicare.
Part D helps pay for both brand name and generic prescription medications at participating pharmacies. It covers drugs across a broad formulary or list of covered medications. However, some specific drugs may not be included.
How Much Does Part D Cost?
Plans group covered drugs into different "tiers" based on cost. You will pay a copay or coinsurance percentage for each prescription filled. Copays are higher for more expensive, non-preferred brands.
Part D has an annual deductible you must meet before coverage kicks in. For 2023, the standard deductible is $505. After reaching this amount out-of-pocket, you'll pay 25% coinsurance until reaching the initial coverage limit ($4,660 in 2023).
Beyond this limit is a coverage gap where you pay more, followed by catastrophic coverage with reduced costs. Part D policies have a monthly premium, which varies by plan. Higher income seniors pay an additional premium amount based on income brackets.
Enrolling in Medicare Part D
You can sign up for Part D during your Initial Enrollment Period when you first turn 65, or each year during Medicare's Annual Enrollment Period from October 15 to December 7. Missing enrollment deadlines can result in lifelong late penalties added to your premium.
Conclusion:
LYFEAHEAD Insurance helps simplify Medicare and Part D choices. Our licensed agents explain plan options, benefits and costs. We provide personalized recommendations to meet your prescription needs and budget. Contact us at www.lyfeahead.com to make sure your medications are covered.
