What Medicare Part D Covers
Everything you need to know about your Medicare Part D coverage
Your Prescription Drug Coverage is tiered into different plans where each has a list of medications it covers referred to as a formulary. This can be according to their brand name, whether they are generic or not, and several other factors.
What Medicare Part D covers
Medicare covers drugs prescription drugs in the following categories:
- Anti-cancer medication
- HIV/AIDS drugs
- Anticonvulsants
- Antipsychotics
- Antidepressants
- Immunosuppressant drugs
- Common vaccines
According to Medicare requirements, your Medicare Part D plan must provide coverage for at least two types of drugs in the abovementioned categories.
Not all drugs are covered by Medicare Part D plans.
There is certain medication not covered by Prescription drug plans. It includes, but is not limited to:
- Over-the-counter medication
- Weight loss drugs
- Weight gain drugs
- Fertility medication
- Erectile dysfunction medication
- Cosmetic drugs
Although it is rare, some Medicare Insurance companies may cover some of the drugs mentioned above. Moreover, if you ever need drugs that are not part of your carrier’s list, you have the right to request an exception. It is also worth noting to note that Medicare Part D plans do not cover medication covered by Original Medicare.
Medicare Formularies are subject to change
Drugs can be added or removed from formularies at a given time, however, your carrier will let you know of the changes made. These may include the drug name, change of tier, alternate drugs available, change in cost, why the drug was changed, and exceptions.
Unless the drug is discontinued by the manufacturer or deemed unsafe by the FDA, your carrier can only make changes to the cost of drugs they provide from the beginning of the election period until 60 days after the coverage plan takes effect.
Getting Prescription Drug Coverage
Your Life Insurance Agency’s Medicare insurance agents can help you compare Medicare Part D plans that give you value for money and all the coverage you need.