Part D coverage from Medicare is powerful coverage for your prescription drugs. We are going to spend some time looking at Medicare Part D plans here to help you better understand what they are offering and why you might want to sign up for them.
What Part D Coverage Does
While Part D covers prescription drug costs, don’t expect it to cover every prescription drug expense you may have. It is not a comprehensive plan, and in fact, there are a lot of prescription drugs that it won’t cover.
Part D coverage in 2018 is divided into a set of tiers, and each tier covers drugs in a different way. The lowest tier coves drugs within its list the most. The drugs listed on the lowest tier are covered completely under Part D or almost completely.
The next tier up covers the drugs on its list slightly less. This tier has a whole new set of drugs.
The next tier above that covers the drugs on its list even less, and so on and so forth. The top tier covers the drugs on its list little to none. It’s impossible to say where the drugs that you need will fall within any given plan. There are tons of different Medicare Part D coverage options and lots of plans.
The coverage plan will take care of the majority of prescription drug costs, but it may not take care of your prescription drug costs. You have to carefully select a plan that applies to you, and not all of them will. Some of the plans will not be any good for you, and you will want to sort through what’s available to find a plan that is a good match for yourself. As your needs change over time, the Part D plan that is a good fit for you will change as well.
These plans change over time as well, and you’ll want to make sure that your coverage is updated so that you have the most suitable plan for yourself.
Where to Get Part D Plans in 2018
You won’t be buying Part D in 2018 through Medicare. This kind of plan is only available through a private insurance provider. These are companies like Mutual of Omaha, AARP and more that sell all sorts of insurance, medical and otherwise. Medicare allows them to sell Part D plans, which the insurance companies can price the way they like. They can also set some of the coverage rules for these plans.
This is why you get Part D plans with wildly different coverage setups. They may all have tiered coverage, but what drugs fall into which tier depends on the plan you choose and the insurance company you buy it from.
You can apply for the plan directly through the insurance company’s website. It’s not something you access through Medicare at all. Just because you applied for the plan, though, that doesn’t mean that you will be approved. Most people who are over 65 and who apply for Medicare Part D plans will be approved, but not all. You need to understand that some medical coverage intersects with Part D’s benefits, and when that happens, you have to drop one of the plans.
Medicare doesn’t allow there to be any overlap between the plans, so if you have the same coverage from two different plans even if that is just one time of similar courage, then you have to get rid of one of the plans. Part D won’t interact well with Advantage plans, for example. If those plans include Part D in them. Many Advantage plans do, so be careful about what you try to sign up for and pay attention to how it may overlap with what you already have.
Many employer insurance plans include drug coverage as well, and if there is overlap between them and Part D, you will have to drop one of the plans. Part D is compatible with other medical insurance plans, but you do need to be careful with which ones you choose and ensure that you only get a compatible plan.
Is Part D Right for You?
We can’t say whether Medicare Part D is the right choice for you. Only you know what your financial situation is like and what kind of prescription drugs you need. Only you know whether you can afford Part D’s coverage and if it will save you money in the long run. It’s often cheaper to go for Part D than to pay for a few prescription drugs yourself, but it’s something to take on a case by case basis. You need to know what your needs are- both financial and medical- and then find a coverage plan that meets those for you.
Not every Part D plan is a good option for you, even if you could benefit from some Part D coverage. Remember that these plans are varied, and some of them cover certain drugs more than others. You’ll need to check and see where the drugs you need fall on any given Part D plan. Some of them may offer some great savings for you, whereas others may require that you pay too much for coverage that just isn’t up to par. The wide variety of plans exist because people have a lot of different types of needs, and not every person can be properly catered to or covered by a single Part D plan.
Keep in mind that the plans and the prices for them change each year. Just because you were unable to find a Part D plan that fits you well this year, that doesn’t mean that you will be unable to find a decent plan next year. Keep looking to ensure that you get the best deal and that you are choosing a plan that is affordable and that covers you well.
Medicare Part D 2018 plans have a lot to offer you, and you’ll only be able to enjoy all they provide if you take the time to peruse your options and make a wise selection.