Medicare Part D Drug Coverage Explained For the Newbie
Medicare Part D provides some coverage for the cost of prescription medication on behalf of eligible dependents enrolled into the program. A familiarity of the basic concept will help make an educated and intelligent decision before purchasing the benefit which is after all offered through private insurance carriers. This article was created for those considering coverage and is intended to provide a conceptually easy way of understanding exactly what it can do for you.
Who is eligible.
If you are entitled to Medicare Part A or are enrolled in Medicare Part B, you may join a Medicare Part D prescription drug plan. Participation is voluntary for most people. However, if you receive benefits through Medicaid you are automatically enrolled in a Part D plan in order to continue receiving prescription coverage.
Who Administers The Program?
Medicare operates the overall program, but you must choose one of the specific Part D drug plans offered by private insurance companies in your state. It is ultimately your decision to enroll directly with the carrier.
What Is The Cost For Participation?
Most people pay a monthly premium to the insurer. Premium dollar amounts may range $0.00 through $50.00 per month depending on the plans available within your geographic area and also on the particular level of benefits chosen.
What Is The Coverage?
All plans cover some, but not all, prescription drugs in every category of medication. Each plan has its formulary list in which consist of the specific prescriptions covered. The plan will pay its share only for drugs listed and purchased from a pharmacy or other distributor that participates in that plan.