Original Medicare Parts A and B don’t include prescription drug coverage. A Medicare Prescription Drug (Part D) plan can help cover the costs of your medication. Medicare offers prescription drug plans (PDP) to help you save money and give you peace of mind — even if your health changes. Plans include, under part D, commonly used generic and brand name prescription drugs, but each State has slightly different coverage and drug lists.
Because many companies are raising rates and co-pays this year, let us talk to you about which plan will be most economical with your prescriptions.
Why is a Part D plan important?
Original Medicare usually only covers drugs administered during hospital or doctor visits. If you take regular medications, you may want to consider a Medicare Prescription Drug plan. There are two ways to have Part D coverage:
- You can enroll in a standalone Part D plan, also known as a PDP plan. You can have a PDP plan in addition to Original Medicare, a Medicare Supplement (Medigap) plan, or a Medicare Advantage Private Fee-For-Service plan (that does not have drug coverage).
- You can enroll in a Medicare Advantage plan that includes Part D coverage.
What does Medicare Part D cover?
Part D plans offer coverage for common generic and brand-name prescription drugs. The Federal government sets guidelines for what medications Part D plans must cover. However, the prescription drugs covered vary from plan to plan. Finally, make sure your prescriptions are covered in each plan’s list of covered medications.