Medicare Part D is a benefits plan for prescription medications for people aged 65 and above. This plan pays for medications that are excluded from Medicare Parts A and B. Even with this plan, you have to pay for the other charges like copays, deductibles, and premiums. You can choose among several plans and coverage, and that will determine the costs. Here is what you should know about Medicare Part D.

Coverage

The coverage of prescription drugs provided in Medicare Part D depends on which plan you choose. This choice needs to be made with respect to the medications you are taking. Each plan has its own set of medications. Many of these plans cover most of the vaccines, with at least two or more from the most prescribed drug categories and classes. In case your doctor has prescribed you a medication that is not a part of your Medicare plan, they need to give you a proper reason behind this. You can then send a formal letter to the insurance company explaining the situation. However, we cannot guarantee if an exception will be made by Medicare.

The Medicare Part D plan must cover all the medications required in cancer treatment, HIV/AIDS, and categories like antidepressant medicines, immunosuppressant medicines, antipsychotic medicines, and anticonvulsant medications for seizure disorders. Weight-loss medications, vitamins, cosmetics, and supplements are not covered by Medicare Part D.

Who is eligible for the Medicare Part D plan?

You need to meet at least one or more of the following factors to be eligible for this plan:

• Age should be above 65
  Only people above 65 can opt for Medicare plans.
• Social Security payments
  If you have received these payments for the past two years or you are diagnosed with amyotrophic lateral sclerosis (ALS), you can get a disability payment from the first month.
• Below 20 years of age
  If you are suffering from ESRD and at least one of your parents is eligible for Social Security Benefits, you are eligible.
• Need dialysis or a kidney transplant
  If you are diagnosed with kidney failure or end-stage renal disease (ESRD), which requires you to get a kidney transplant, you are eligible for this plan.

Cost

The cost of the Medicare Part D plan you choose depends on several factors like the plan you choose, extra costs, your locations and plans available there, coverage gaps, your income, and the type of coverage you need. The costs also depend on which level your medicines come under. In New York City, the cost may range from $7.5 to $94.8. In Dallas, the cost may be anywhere between $7.30 to $154.

How to choose a Medicare Part D plan?

You need to keep some factors in mind while trying to choose your Medicare Part D plan. Some of these include:

• Coverage for future
  Some people only look for a plan for their peace of mind, and in case they need it in the future.
• High-prescription drug costs
  Some need many high-prescription drugs instead of the generic ones. So the plan needs to cater to that need.
• Medicaid
  If you were already part of a Medicaid plan, you would be automatically switched to Medicare Part D once you are eligible for it.
• Employer-based prescription plans
  You need to know how much of your medical requirements are covered by your employer’s healthcare plans. Then, choose a Part D plan to cover the extra costs.

Benefits

Medicines are highly expensive, and their prices increase every day. As per reports from the Centers for Medicare and Medicaid Services (CMS), there was an increase in the money spent on prescription drugs by an average of 10.6% between the years 2013 and 2017. So, if you are eligible for Medicare Part D, opt for it so it can assist with your medication needs. Protections against inflation is a major benefit of this plan.