Making our way through the ABC’s of your Medicare options, we now have, you guessed it….Medicare Part D. This is the prescription drug insurance offered to everyone who is eligible for Medicare Parts A and/or Medicare Part B. For most folks, this is when they turn 65, or when they retire later and leave a group health plan.
These plans are offered by private insurance companies. You can buy a stand-alone drug plan, or you can enroll in a Medicare Advantage plan (Part C) that already includes Medicare Part D prescription coverage.
How do they work? Most of these plans have premiums, deductibles and co-pays. After you pay the deductible, Medicare splits the costs of the medicine with you. How much you pay depends on whether the drugs are generic or name-brand.
How do you pick a plan that is right for you? Most people just want to know:
The most accurate prediction of your monthly drug costs comes from Medicare's website itself. With its “Prescription Drug Finder” you can pick a plan that has:
Using Medicare’s website to shop for drug coverage is just plain scary. We can do this for you, which often relieves a ton of stress from this whole process! Still want to know more? Visit www.Medicare.gov or give us a call at 803-665-5263.
Moving right along, this video touches on the highlights of the Medicare Part D prescription benefit. When you turn 65 and have Parts A and/or Part B, you are eligible to buy drug coverage also. Now when you have a drug card, Medicare pays about 75% of the cost of the drugs, and you pay the other 25%.
It is important to choose a plan whose formulary (list of covered medicine) actually does cover your particular drug.
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