Medicare Part D

Medicare Part D plans offer coverage for prescription drugs. Medicare Part D is also known as Prescription Drug Plans or PDP, and it is provided by private insurance companies approved by Medicare.

What Drugs Does Medicare Part D Cover?

Part D plans cover many drugs, but they must meet the following criteria:

• They are available by prescription only

• They are FDA-approved

• They are sold in the United States

• They are used for a medically-accepted condition

• They are not covered by Medicare Part A or B.

Some of the drugs or medicines included in these plans are diabetes supplies, some vaccines, antidepressants, antipsychotics, anticonvulsants, immunosuppressants, cancer drugs, and HIV/AIDS drugs.

However, each Medicare Part D has its own list of covered drugs or formulary. You need to review this formulary before deciding which policy you want to get and each year before opting to renew the policy. Formularies may change, but you should be notified of the changes at least 60 days in advance.

Who Is Eligible For Medicare PDP?

Anyone who is eligible or is already enrolled in Original Medicare, and is a permanent resident of an area that offers the plan is eligible to purchase a Part D plan.

How Much Do Medicare Part D Plans Cost?

These insurance policies are regulated by state and federal laws, so the basic benefits offered by the different plans under the same category are similar, but the prices and the quality of the services can vary.

Key Health works with many insurance carriers to guarantee that we offer the best policies that meet both your healthcare needs and budget.

And what you will need to pay for the policy include:

• Premium

• Yearly deductible

• Copayments or coinsurance

• Any gaps in the coverage

• Extra help costs

• Late enrollment penalty – if you fail to enroll during the regular period

• You can purchase Medicare Part D as a stand-alone program to cover prescription drugs.