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Original Medicare plan members do not get (pharmacy) prescription drug coverage through their hospital and doctor benefits. Medicare Part D is the prescription drug benefit. Even if you are not taking many medications now, we strongly recommend enrolling in a stand-alone Part D drug plan as soon as you become eligible for Medicare.
Self-administered prescription drug costs are always on the rise. Part D was enacted as part of the Medicare Modernization Act of 2003 and took effect on January 1, 2006.
What is covered by each drug plan varies, so it is important to choose a Part D plan that covers your medications and lets you visit your preferred pharmacy.
Medicare Part D plans cover a list of drugs that are named in the formulary. The formulary is a document that states which drugs are covered in the plan and how much each drug should cost plan members. The availability of some drugs varies, but there are certain drugs that must be covered by every plan. The required drug categories include:
Usually, people who are enrolled in Medicare Advantage will get their Part D benefits included! How is that for convenience? These may be referred to as MAPDs (Medicare Advantage prescription drug plans). To find out if you need to purchase a Part D plan in addition to your Medicare Advantage plan, contact Overton Agency today.
If you don’t enroll in Part D when you’re first eligible for Medicare, you could pay a lifetime penalty for enrolling later. Nobody wants that, so contact us today to get free advice on what is best for your situation.
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We are not connected with or endorsed by the United States government or the federal Medicare program. We do not offer every plan available in your area. Currently, we represent 8 organizations which offer 72 products in your area. Please contact Medicare.gov, 1-800-MEDICARE, or your local State Health Insurance program (SHIP) to get information on all your options.
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