What Is Medicare Part D?
Medicare Part D plans help cover the cost of prescription drugs and offered by private insurance companies approved by the federal government. These plans will assist in covering prescriptions not covered under Medicare Parts A and B. Coverage for Part D can be obtained by selecting a Medicare Advantage plan or stand-alone prescription drug plan.
How Do I Qualify For Medicare Part D?
You are eligible for Part D coverage if you are enrolled in Medicare Parts A and/or Part B. If you choose not to enroll in a plan, you may be subject to a late enrollment penalty. To avoid incurring a penalty, you should enroll when first eligible for Medicare or no longer eligible for creditable prescription drug coverage.
Does Medicare Part D Cover All Medications?
Not all medications are covered under Medicare Part D. Medicare Part D plans use a drug formulary, a list of approved drugs, to determine coverage and out of pocket cost for prescriptions. You may have to file a formulary exception when certain medications are not covered. Plan options, costs and coverage may vary depending on your plan’s service area.
Consult the representatives at CHERMOL INSURANCE SOLUTIONS for help. We will provide in-depth consultations and analysis. If you have questions, concerns or troubles with Part D coverage and limits, we are ready to assist. Contact us today!