Medicare Part D Prescription Drug Plans
In 2006, insurance coverage for prescription medications was made available for people with Medicare. Medicare Part D Prescription Drug plans require payment of a premium, and some plans require an annual deductible to be met before the plan begins to pay for drugs. Copayments are then required, with generic medications normally featuring lower copays as compared to name brand medications.
Each Part D plan features a Formulary – a listing of all prescription medications that are covered by the plan. It is most important to verify that your current medications are included in the plan’s Formulary before applying for coverage. Here are more tips when evaluating Part D Prescription Drug plans: