Medicare Part D
Suppose you are enrolled in Original Medicare, consisting of Part A hospital insurance and Part B medical insurance. In that case, you can also get prescription drug coverage through Part D of the program. To find out more about Part D’s benefits, continue reading.
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What Is Medicare Supplement/Medigap?
Medicare is a federal health insurance program that provides benefits to millions of Americans who are above age 65 and people diagnosed with a disability. The program is divided into four parts:
- Part A hospital insurance
- Part B medical insurance
- Part C Medicare Advantage
- Part D prescription drug coverage
To enroll in a Part D plan, you must be enrolled in Part A and/or Part B. If you would prefer to have a Medicare Advantage plan instead of Original Medicare, you should choose a Medicare Advantage plan that includes prescription drug coverage.
What Is Medicare Part D?
Medicare Part D is the component of Medicare that provides prescription drug coverage. The plans are sold by private insurers who have contracted with Medicare. Each Part D plan will provide coverage for a specific list of prescription medications. The list of medications is called the formulary. Every plan has a formulary that outlines what drugs are covered and how much they cost.
All Part D plans are required to cover the following categories of drugs:
- HIV/AIDS treatments
- Antidepressants
- Antipsychotic medications
- Anticonvulsive treatments for seizure disorders
- Immunosuppressant drugs
- Anticancer drugs (unless covered by Part B)
How To Sign Up For Part D
To sign up for Medicare Part D, get in touch with a Medicare broker. The professionals at Duncan Market Insurance can help you get started with a free quote.