Medicare provides essential health insurance benefits to countless Americans. Through this program, people have the option to enroll in hospital insurance, medical insurance, and even prescription drug coverage. Though, each portion of their coverage is divided.
You don’t need to purchase a Part D plan prescription drug plan, but there are benefits to doing so. Here is everything you need to know about Medicare Part D.
What is Medicare Part D?
Medicare Part D is the prescription drug coverage component of the Medicare program. Through Part D, you can get assistance paying for medications that have been prescribed by a medical professional. There is no standard Part D plan, instead beneficiaries can select from an array of policies sold by private health insurance companies. This allows plans to stay competitive by offering diverse benefits at fair rates.
What Benefits Do Part D Plans Provide?
Through Part D insurance plans, beneficiaries get support paying for their medications. Each plan has a specific formulary that states what drugs are covered and how much they cost plan members. The formulary varies from plan to plan, but there are some drugs that must be covered by all Part D plans. They include:
- HIV/AIDS treatments.
- Antidepressants.
- Antipsychotic medications.
- Anticonvulsive treatments for seizure disorders.
- Immunosuppressant drugs.
- Anticancer drugs (unless covered by Part B)
It is important to check the formulary before buying a Part D plan because you risk buying a plan that does not cover your preferred drugs if you do not.
Find a Part D Plan
Medicare Part D plans are not required, but they can prove essential to people who are currently taking prescription medications. If you want help finding a favorable plan, speak to an insurance agent from better Insurance Management. You can use the contact form on this page to get started.
