06/25/2024
Today's topic, Medicare Part D, Prescription Drug Coverage!
Prescription drug plans are offered through private insurance companies and are optional. However, if you choose not to take a Part D plan, you may be penalized later on in life, when you finally do choose a Part D plan. This penalty remains in force for as long as you have coverage.
When enrolled into a Part D plan, you'll be responsible for deductibles, coinsurance and co-pays based on the tier of your prescriptions. Drug tiers are often times set up as follows:
Tier 1: Preferred Generics
Tier 2: Generics
Tier 3: Preferred Brands
Tier 4: Brands
Tier 5: Specialty
Most Prescription Drug Plans have 4 phases or stages:
- Deductible Phase, Initial Coverage Phase, Coverage Gap (Donut Hole), and Catastrophic Coverage.
Note! Most Medicare Advantage (Part C) plans have drug coverage attached. So, you don't need to purchase a separate drug plan! Also, if you are a veteran or your spouse is a veteran, it's possible you can receive your prescriptions from the VA clinic or through TRICARE for Life and not need to purchase a Part D plan.
IMPORTANT! Medicare is a complicated topic and everyone's situation is different. For more information, please call me at 605-799-0003 to set up a FREE consultation.
