What Is Part D?
Medicare Part D is a drug coverage option that is serviced by insurance providers that contract with Medicare to provide you with benefits. Through Part D, you can have some or all of the costs of some prescription medications covered.
How Does Part D Coverage Work?
Medicare Part D policies provide coverage for a select list of prescription drugs, this list is called the formulary. The formulary you have access to will vary based on your plan, but all Part D policies must provide access to at least two drugs in the most commonly prescribed categories and classes. In this way, Medicare ensures that regardless of the Part D plan you choose, you will have access to the drugs you need.
Although the formulary may not include the specific drug you are accustomed to using, a similar drug should be available. Suppose none of the listed drugs suit your medical needs. In that case, you may ask your insurance provider for an exception, wherein they will adjust your policy to accommodate an alternative drug.
What If My Part D Plan Changes?
If your prescription drug plan makes changes to their list of offered drugs, affecting one of the drugs you are taking, they must do one of the following:
- Give you written notice at least 30 days before the change takes effect
- Provide you with at least a month’s supply under the former plan rules and give you written notice of the change