Prescription Drug Plans
Are you concerned about prescription drug costs? A Medicare prescription drug plan can give you peace of mind at an affordable price. Medicare prescription drug plans are made to supplement Original Medicare plans A & B. Typically, a prescription drug plan will provide four tiers of benefits, the higher the tier the more expensive the copayments:
Generic prescription drugs
Preferred, brand-name prescription drugs
Non-preferred, brand-name prescription drugs
Specialty tier: High-cost prescription drugs
To be eligible for a Medicare Prescription drug plan, you must Be 65 years of age or older, have original Medicare, be younger but with a qualifying disability, or have end-stage renal disease that mandates dialysis or a kidney transplant.
Drug costs under most Medicare Part D plans are low, but the amount you pay will vary by plan. Below are a few types of PDP expenses that you should know:
Drug costs under most Medicare Part D plans are low, but the amount you pay will vary by plan. Below are a few types of PDP expenses that you should know:
Premiums: The amount paid each month to keep your plan active.
Annual deductible: The amount you must pay before coverage kicks in. By law, this amount is capped at $435 annually and some plans offer 0 deductibles.
Copayments: The set amount you pay each time you fill a prescription.
Coinsurance: The percentage of the drug cost you're responsible for.
Coverage gap costs: Applies once your plan covers the first $4,020 in drugs — it also means you'll be responsible for higher out-of-pocket costs.
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