Medicare Part D Prescription Drug Coverage
Understand Your Medicare Prescription Drug Coverage Options
Medicare Part D helps cover the cost of prescription drugs and is offered through private insurance companies approved by Medicare. Plan premiums, covered medications, pharmacy networks and out-of-pocket costs can vary, so it’s important to compare your options based on the prescriptions you take and the plans available in your area.
What Should You Consider When Comparing Part D Plans?
- Are your prescriptions included on the plan’s formulary?
- What tier is each medication on?
- Are your preferred pharmacies in the plan’s network?
- What are the premium, deductible, copays and coinsurance?
- Are there prior authorization or step-therapy requirements?
- Do you currently have other creditable prescription drug coverage?
Help With Medicare Prescription Drug Costs
If you have limited income and resources, you may qualify for Medicare Extra Help, a program that can help pay Part D premiums, deductibles, coinsurance and other prescription drug costs. Medicare Part D is optional, but going 63 days or more without Medicare drug coverage or other creditable prescription drug coverage after you become eligible may result in a late-enrollment penalty if you enroll later.
Understand Your Medicare Prescription Drug Coverage Options
Medicare Part D helps cover the cost of prescription drugs and is offered through private insurance companies approved by Medicare. Plan premiums, covered medications, pharmacy networks and out-of-pocket costs can vary, so it’s important to compare your options based on the prescriptions you take and the plans available in your area.
What Should You Consider When Comparing Part D Plans?
- Are your prescriptions included on the plan’s formulary?
- What tier is each medication on?
- Are your preferred pharmacies in the plan’s network?
- What are the premium, deductible, copays and coinsurance?
- Are there prior authorization or step-therapy requirements?
- Do you currently have other creditable prescription drug coverage?
Help With Medicare Prescription Drug Costs
If you have limited income and resources, you may qualify for Medicare Extra Help, a program that can help pay Part D premiums, deductibles, coinsurance and other prescription drug costs. Medicare Part D is optional, but going 63 days or more without Medicare drug coverage or other creditable prescription drug coverage after you become eligible may result in a late-enrollment penalty if you enroll later.
Questions About Medicare Prescription Drug Coverage?
An HRG insurance agent can help you review your prescriptions and understand the Medicare drug plan options available in your area.