Medicare Prescription Drug Plan

Medicare Prescription Drug Plan

Medicare Prescription Drug PlanMedicare Part D, also known as the Medicare Prescription Drug Plan (PDP) is the voluntary drug program for Medicare beneficiaries where part of the cost of outpatient prescription drugs are paid for through a benefit plan with insurance premiums, deductibles, and tiered co-payments for covered medications.

These prescription drug plans are sold by private companies who contract with Medicare annually.  Each plan will have their own formulary, or list of covered drugs. No plan covers every drug, and every company organizes their formulary differently.

Medications are organized into tiers such as: preferred generic, non-preferred generic, preferred brand, non-preferred brand, and specialty. Some plans may have additional tiers, but this is the typical tier structure. Usually the lower the tier, the lower the co-pay.

How To Get A Medicare Part D Plan

Medicare beneficiaries can sign up for a standalone prescription drug plan or they can sign up for drug coverage as part of a Medicare Advantage plan.  Those that are eligible for a Medicare Part D plan but who choose not to enroll in prescription drug benefits will have to pay a late-enrollment penalty to sign up for Part D coverage later.

If you have questions about your drug plan options we are happy to help!  Simply contact Senior Connection by calling, 812-473-7271 to setup an in-person meeting. We will take the time to explain all your options so you can find the plan that is right for you.  With over 25 years of experience serving the Medicare needs of the local Evansville area we would be happy to help you find the benefits you need!

Learn More about Medicare Prescription Drug Plans

Watch this short video to learn more about the Medicare Part D plan.

We would love to walk you through any questions you have and help you find the Medicare coverage that is the right fit for your stage of life.  Call Senior Connection today: 812-473-7271