What Medicare Part D covers, what it doesn’t, and how much it costs don’t necessarily have simple answers.
Prescription drug coverage is one of the more complicated aspects of just about any health insurance plan. It’s always difficult to know what is covered, what is not covered, and how much medications will cost. There are so many factors that affect these plans that you will likely have questions about your options. Thankfully, we’ve got you covered.
What does it cover?
Medicare Part D helps to cover the costs of outpatient prescription drugs—typically, medication you pick up from a pharmacy or have delivered from a specialty pharmacy. This includes home injections such as insulin. Keep in mind that while both brand-name and generic medications tend to be covered, out-of-pocket costs will typically be higher for brand-name medications.
For inpatient prescription drugs, such as dialysis or intravenous medications that are given at a medical facility, Medicare Part B is tasked to help cover the costs of these particular medications.
For over-the-counter medications, such as aspirin or cough medicine, Medicare Part D does not kick in. These are not prescription medications, so Medicare Part D does not assist in covering the cost.
How much does it cost?
It would be great if there were a simple answer or even a chart of various levels that told policyholders or Medicare-eligible adults exactly how much they will be spending on their Medicare Part D plan. Unfortunately, the system is complex, and how much it will cost varies greatly from person to person, depending on many different factors. This can include policyholder income, medication needs, and even preferred pharmacy can impact the final cost in some cases.
One of the best things you can do for yourself if you have questions about Medicare Part D is to schedule a free meeting with a trusted benefits advisor, such as Aging Benefits Advisory. We take away the struggle of trying to get information over the phone and meet with you in person so we can give you our full attention and answer any questions you have.
If you can’t afford the best Medicare Part D plan for your needs, Medicare offers Extra Help programs that can assist you with your coverage. Your advisor can help you with understanding how these programs work and assist you in applying if necessary.
How can policyholders decide which Part D plan is best?
While you’re meeting with your benefits advisor, they can help you go over your budget, needs, and other factors that can help you determine which Medicare Part D plan will work best for you.
You can also contact Medicare directly through their website or phone a representative who can talk you through your options. Medicare also has an online tool known as the Medicare Plan Finder that can help you find a plan that fits your needs.
Contact Aging Benefits Advisory Today!
If you need help navigating the world of senior health insurance, our advisors at Aging Benefits Advisory are here to assist. Take advantage of our free consultation to ensure that you receive the plan for your budget and needs. We specialize in Medicare Advantage, Medicare Supplements, Dental, Vision, and Final Expense insurance for the senior market of Pinellas County, Pasco County, Manatee County, Hillsborough County, Polk County, Sarasota County, Citrus County, and Marion County, Florida. If you would like a free consultation, contact us online or give us a call at 727-800-4835. For more information, follow us on Facebook, Pinterest, and YouTube.