Managing your Medicare Part D Medication Plan
There is no denying that Medicare offers a host of benefits to those who are 65 or older, but managing your medication plan under Part D can be a challenge. Part D is the portion of Medicare that covers prescription medications. Since there are so many parts and requirements to Part D, always work with your medical provider, your health insurance agent or a health advocate to help you understand your benefits.
Managing your medication plan and the actual drug plan’s cost will vary depending upon the medications you use, the plan you select, what kind of a pharmacy you go to and whether or not the medications you take are in your plan’s formulary. In regards to drug formulary, if your medication is not in the scope of your plan’s formulary, then work with your medical provider to determine if there is an equivalent that is so you can be safe, healthy and keep medication costs down.
Keep in mind that most Medicare drug plans have a coverage gap, which means that is a temporary limit on what the drug plan will cover for drugs. This will not apply to everyone. The coverage gap, also called the “donut hole,” begins after you and your medication plan have spent a certain amount of money for covered drugs that are covered under your plan.
Just like with any medication management plan, understanding as much as you can about your plan’s benefits will help keep you in the know about what you can expect to have covered and what is not covered. This will help to keep you in control of your own health and wallet.