Malhotra & Assoc. Insurance Has You Covered
We understand that with all the different parts of Medicare, understanding each part can be a confusing process. That’s why with our many years of expertise, we are here to make sure you have a complete understanding of your Medicare options.
Many people enroll in Original Medicare expecting to have prescription drug coverage included. Unfortunately, this is not the case. Prescription drug coverage must be acquired outside of your Original Medicare plan.
Medicare Part D is the part of Medicare that administers prescription drug coverage for Original Medicare members. This is what you need to know about Part D:
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Medicare Part D is the component of Medicare that provides people that are enrolled in Original Medicare with prescription drug coverage. Each plan has a specific formulary, which details which drugs are covered in the plan and how much they will cost.
When shopping for plans, you must be conscious of what is covered on each plan. If your preferred drugs are not featured in the plan, you will not be able to buy them through your plan.
Fortunately, Medicare requires all Part D plans to cover at least two drugs in all major categories.
All plans must also have drugs in the following categories:
To compare formularies, you should work with a Medicare expert. They will understand how to find a diverse plan that offers all of the medications you may need.
These costs can be complex. Most people who join a Part D plan have to pay some out-of-pocket expenses, which may include a monthly plan premium, an annual deductible, a share of costs of your covered drugs, and a percent of your drug costs after the initial coverage period and before the catastrophic coverage begins.
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