If you are thinking of signing up for a Medicare Part D prescription drug plan, then you probably know that Original Medicare (Medicare Part A and Part B) provides very limited coverage when it comes to prescription drugs. That’s why with Part D, you can get more coverage that extends outside those two factors.
If you are not currently taking any prescriptions, a Part D plan may not seem important. But it is wise to sign up as soon as you become eligible for Medicare during your Initial Enrollment Period. If you delay enrolling in the Part D plan and later decide to purchase a policy, you may be subject to a late enrollment penalty.
What Does Medicare Part D Cover?
Medicare Part D policies vary by which prescription drug they cover and the pricing, but all plans are expected to provide coverage for two prescriptions in each drug category. They are also required to cover drugs that fall under these specific categories:
- HIV/AIDS medications
Most Medicare Part D prescription drug plans also cover most vaccines and shots.
The list of prescriptions that each Part D plan covers is known as a formulary. To determine if a Part D plan in your area will provide the coverage you need, you will need to look at the formulary. Now, do keep in mind that a plan’s formulary may change at any time, but your plan will notify you of any changes. If you are enrolled in a Part D plan but see that it’s formulary has changed and you are not satisfied with the coverage provided, you can always make a change during the Annual Enrollment Period, which is from October 15 to December 7 of every year.
During this period, you can switch, drop, or even join plans.
Prescriptions Not Covered By Part D
Over-the-counter prescription drugs are not usually covered by Medicare Part D. Other drugs not covered by Part D include:
- Drugs used to treat erectile dysfunction
- Fertility drugs
- Cosmetic drugs
- Drugs used to treat weight loss or weight gain
For more information about Medicare Part D prescription drug plans and why it might be a good fit for you, give Advocate Health Advisors a call today!