Prescription Drug Plans (Part D)

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More Information on Prescription Drug Plans

What is it?

Medicare offers prescription drug plans, often called PDPs, for everyone with Medicare. This coverage is called "Part D". Like Medicare Advantage and Medicare Supplements, Medicare Part D plans are sold by private insurance companies with the approval of Medicare.

 

Each plan may vary in cost, pharmacies you can use, and drugs covered. Each plan requires a monthly premium, and some plans require a deductible and copays.

 

Why do I need it?

A Part D plan can help relieve you of part of the cost of prescription medications. Even if you currently aren't taking prescription drugs, you may want to enroll in a low-cost plan to save yourself money in the gurure. You could encur a late enrollment penalty if you do not enroll in a Medicare prescription drug plan when you’re initially eligible for Medicare.

 

Common Questions
What is the drug coverage gap (Donut Hole)?

Plans have a coverage gap, or "doughnut hole." A coverage gap means that after you and your plan and any subsidies that pay toward your drugs have spent a certain amount of money for covered drugs, you have to pay much higher co-pays until you spend the required amount to be out of the coverage gap (doughnut hole) and into catastrophic coverage. These amounts are set by Medicare and not by the companies. This amount doesn't include your plan's monthly premium which you must continue to pay while you are in the coverage gap. Once you've reached your plan's out-of-pocket limit, you will have "catastrophic coverage."

 

What do I need to look at when comparing plans?

To find the best plan for you, look at:

  • Coverage (what medications are covered)

  • Cost (premiums, deductibles, and copays)

  • Convenience (some plans offer network and mail-order pharmacies)

  • Quality (plans' performance ratings can be found at medicare.gov)

 

 


Bring your list of prescription drugs to Sumner Insurance Services and we'll show you quality plan options to choose from! Stop by or call our office today!

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