If you wonder how to obtain prescription drug coverage, Medicare Part D is an excellent option as Original Medicare does not provide this coverage.
What is Medicare Part D?
Medicare Part D provides the most comprehensive prescription drug coverage for Medicare beneficiaries. It covers medications you get at the mail order, your local pharmacy, and or other pharmacies. However, before you can sign up for Part D plan, you must be enrolled in either Part A or Part B.
Part D provides different levels of coverage, and the plan you choose will determine the list of prescription drugs that will be covered and how much you’ll pay. Fees such as deductibles, coinsurance, and copays are based on factors like your income, where you live, the medications you need.
What Prescriptions Does Medicare Part D Cover?
Medicare Part D coverage varies from one plan to another. All Part D plans have a list of drugs called a formulary, which comprises all the medications covered by the plan. When choosing a plan, make sure to review the formulary to ensure it covers your medications.
When it comes to Medicare prescription drug coverage, you can either sign up for a stand-alone Part D prescription drug plan or enroll in a Medicare Advantage prescription drug plan. These plans cover a considerable number of medications, covering at least two medications in each class.
The plans must also cover:
- HIV medications
- Cancer treatment medications
- Antidepressants
- Anticonvulsants
- Immunosuppressants
- Antipsychotics
What Prescription Doesn’t Medicare Part D Cover?
Part D does not usually cover prescription drugs not approved by the U.S. Food and Drug Administration. Other medications not generally covered by Medicare Part D include:
- Most supplements
- Medications to treat anorexia or control weight
- Prescription drugs for hair growth or cosmetic purposes
- Fertility medications
- Medication for sexual dysfunction
- Prescription drugs for cold and cough relief
If you want to find out which Part D plan’s formulary will best meet your medication needs, contact Simple Retirement Benefits.
