You can get prescription drug coverage under the Medicare drug plan, or Part D. Part D programs help pay for the cost of branded and generic drugs. Insurance companies and other Medicare-approved private companies offer this plan.
To join, you’ll need to have Parts A (hospital insurance) and/or B (medical insurance) of a Medicare policy first.
Each Medicare drug plan has its own list of covered drugs, listed in the formulary. These plans place the drugs into different tiers. Drugs on each tier have a different cost.
Drugs in lower tiers generally cost lower than those in the higher tiers. Before you join the program, we help you identify whether your current prescription drugs are on the plan’s list of drugs.
The insurance company that offers Part D will determine the cost of your plan. Monthly premiums for drug plans can differ, even for those with similar coverage. This can change from year to year.
The cost will depend on the drugs you use, the plan you choose, whether your drugs are on the plan’s tier, and more.
Our team is happy to answer all your Medicare prescription drug coverage questions. Get in touch with us today to learn more.
If you’re interested in Medigap, you’ll need to have Medicare Parts A and B first.
You’ll need to pay your private insurance company a premium for your Medigap policy, on top of the monthly premium you pay to Part B premium you pay as well. This can be a perfect compliment to your prescription drug plan. Ask our agent for more information today.
Your Medigap policy also covers only one person — if you’re married, you and your spouse will have to purchase separate policies.
For more information about Medigap plans, get in touch with us today.