Choosing the right Medicare plan is important. With different coverage options, copays, premiums, and deductibles, it can be frustrating to figure out your best option.
Medicare is the government-funded health insurance plan for people age 65 and older in the United States. It has several parts that cover different types of health and medical costs.
In this article, we’ll go over the prescription drug portion of Medicare coverage, known as Part D.
Medicare Part D is also known as Medicare’s prescription drug coverage. It helps pay for medications not covered under parts A or B.
Even though the federal government pays 75 percent of medication costs for Part D, covered individuals still have to pay premiums, copays, and deductibles.
Coverage and rates can vary based on the plan you choose. It’s important to check all the options before choosing a Medicare Part D plan.
Fast facts about Medicare Part D
- It’s a prescription medication benefits plan for those eligible for Medicare.
- You must be enrolled in either Medicare Part A or Part B to be eligible.
- Medicare Part D coverage is optional and is sold by private insurance companies.
- Medications covered are based on the individual plan formularies