What is Medicare Part D?
Medicare Part D is the prescription drug coverage plan of Medicare. There are a variety of plans available to choose from, and they each offer different drug coverages. You can either purchase Part D as a standalone plan or have it included as an added benefit through Medicare Advantage (Part C). This insurance coverage is optional, but it does help mitigate expensive prescription costs if necessary. If you use your PPO or HMO’s pharmacy, you may receive even lower costs.
How Much Does Part D Cost?
Because there are various Part D plans to choose from, your particular cost will depend on the one you choose. If you are already enrolled in Part C, you can include Part D with your current monthly premium at an additional cost.
These plans may also divide the drugs they cover into tiers. A drug listed in a lower tier will always be cheaper than a drug in a higher tier. Regardless of the tier, each prescription plan covers both brand-name and generic medications.
Since there are numerous plans to choose from, Capital A Wealth Management can help you find the best one for you at 724-658-4211.
Medicare Part D Tiers
There are four different tiers1 that fall under Medicare Part D. These are differentiated by numbers 1 through 4. As the tiers increase, they become more inclusive and more expensive.
Tier 1 provides coverage for generic medications, and it comes with the lowest prescription copayment. Tier 2 includes preferred name-brand drugs, but the copay is higher than Tier 1. Tier 3 covers non-preferred brand name drugs. Lastly, Tier 4, also known as the Specialty Tier, insures you for non-preferred name brand and high-cost prescriptions. Tier 4 is the most expensive option.
Disclosure: Our firm is not permitted to offer and no statement made during this presentation shall constitute tax or legal advice. Our firm is not affiliated with or endorsed by the U.S. Government or any governmental agency.
1 https://www.medicare.gov/drug-coverage-part-d/what-medicare-part-d-drug-plans-cover
Learn How You Could Benefit from Medicare
Each part of Medicare can be confusing, especially when there are options to choose from, like in Medicare Part D. We at Capital A Wealth Management understand how difficult these decisions could be for you and are here to support you and answer any questions you have. Call us today to discuss your situation with Medicare experts.
