About Medicare Part D

 

A federal prescription drug program called Medicare Part D is run by for-profit insurance providers. Medicare participants have two options for prescription drug coverage: they can sign up for a stand-alone Part D medication plan that either supplements Original Medicare or choose a Medicare Advantage plan that offers it as well.

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What is Medicare Part D?

 

Insurance for required prescription medications is provided by a Part D plan. For your Part D plan, you pay an insurance provider a monthly premium.  The insurance provider will cover a portion of your prescription medication, but there is a copay or percentage cost to you.

A separate Part D insurance card will be given to you in addition to your existing Medicare-related cards.

 

How does Medicare Part D work?

 

You should be aware of the following details when purchasing a prescription medication plan:

Annual Deductible – A Part D plan has an annual deductible that you must cover. The most you can be charged in 2019 is $415. Your deductible may fluctuate or could be eliminated entirely. Up until the deductible is paid, you will purchase your prescriptions at a reduced cost. You then start providing first coverage.

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• Initial Coverage – Based on the formulary of your plan, you pay a copay for your prescription drugs during initial coverage. The medications covered by each prescription drug plan are divided into levels. You are accountable for a certain amount of copies for each tier. Generic pharmaceuticals, preferred name brands, even more specialist treatments, etc. are frequently used to divide it. The starting coverage cap for 2019 is $3,820. You enter the coverage gap once you and the insurance provider have jointly paid this sum.

• The Coverage Gap - You will typically continue to receive substantial discounts for generic drugs during the coverage gap. Typically, name-brand drugs cost 25% more than generics, while generics cost 37% less. Up until you have paid $5100 out of your own pocket in 2019 through gap spending, you will continue.

• Catastrophic Coverage - Should you go over the coverage gap, your plan will start to cover 95% of the price of your formulary prescriptions for the remainder of the year.

 

How to enroll in a Prescription Drug Plan

 

You qualify for Medicare Part D if you have Original Medicare and are enrolled in it. Speak with a certified Medicare specialist at Lindbergh & Associates right away if you're interested in receiving assistance with paying for your prescription medications!

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