Medicare Prescription Drugs
What is a Medicare Prescription Drug plan? This optional plan, also known as the “Part D” plan, helps cover the cost of prescription drugs. You must have Medicare Part A or Part B coverage to enroll in this plan. The cost of prescriptions can be very expensive – upwards of $3,000 to $8,000 a year – so this plan helps offset the cost greatly.
This plan can be combined with other plans such as the Medicare Advantage policy (Part C). In doing so, you get all the benefits of the Medicare Advantage plan, with the offset of prescription drugs if this is a high cost for you. If you take a very specific drug, you can search online to see if your drug is covered by this plan.
Drugs are in categories called “tiers.” Tier one is your most generic prescription drugs – typically the lowest cost. Tier two are preferred drugs. Tier three are no-preferred drugs – a higher flat rate copay. Tier four and five are unique and expensive drugs. Depending on your plan, the Medicare Prescription Drug plan may cover your prescription drugs.
It’s smart to know how the Medicare Prescription Plan works with other insurance. It can be combined with COBRA, Medicaid, and Medigap. The coverage for prescriptions in a Medigap plan, however, will not be included with this plan. It can also be combined with employer or union health coverage, but it has to be approved by them on a yearly basis.
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CARRIERS: United Health Care, WPS, and Anthem Blue Cross Blue Shield.