Medicare Part D is one of the benefits offered by Medicare that can be incorporated into a Medicare Advantage Plan, or a stand-alone plan. Original Medicare is composed of Medicare Part A and Medicare Part B, but not Medicare Part D. Medicare Part A and Part B insurance simply cover hospital and medical costs, and together, they create the Original Medicare plan.
On the other hand, if prescription drug coverage is needed, you can buy a standalone Part D plan alongside Original Medicare or opt for a Medicare Advantage Plan that provides prescription drug coverage. Medicare drug plans typically have a list known as a formulary, which simply lists what drugs are covered by their plan. This list must include at least two drugs in categories and classes that are most common. Medicare drug plans are required to cover at least two drugs within each category, but they are at liberty to decide which ones. There are certain categories within these drug plans that require most, if not all, drugs within that category to be covered by Medicare drug plans. Examples of these categories include:
- Immunosuppressants
HIV/AID drugs
Antipsychotics
Anticonvulsants
Antidepressants - Anticancer
There are also categories that are not covered by Medicare Part D drug plans, such as:
- Weight gain or weight loss medications
- Cosmetic drugs
- Fertility or Erectile Dysfunction medication
- Over the Counter medications
What is Medicare Part D?
Medicare Part D is Medicare’s prescription drug coverage plan. It will have its own premium but keep in mind these premiums will vary by plan. As of 2021, the average Part D premium is $33.06. If you buy it alongside your Original Medicare plan, then you will also have to pay your Part A (if you don’t have premium-free Part A) and B premiums.
Medicare Part D In Alabama
We discussed earlier that Medicare Part D premiums vary from plan to plan. In Dothan, Alabama (specifically in Houston County), Medicare Part D premiums range from $7.30 to $86.50 approximately. Dothan also offers 19 Medicare Part D prescription plans for their Medicare recipients.
Now, let’s compare how different the Medicare Part D premiums are in Enterprise, Alabama.
Enterprise, Alabama also offers Medicare recipients 19 Medicare Part D prescription drug coverage plans, ranging from $7.30 to $86.50. In addition, Dothan and Enterprise offer very similar Medicare Part D prescription drug coverage plans and provide detailed information that defines all aspects of the Medicare Part D plan.
Medicare Part D In Florida
In Florida, Medicare recipients are more likely to have Medicare Part D coverage through a Medicare Advantage plan due to higher enrollment rates compared to other states. According to coverage premiums in 2021, Medicare Part D stand-alone rates ranged from $7 to $172 monthly. For example, in Pensacola, Florida, their Medicare Part D stand-alone drug coverage premiums range from $7.30 to $172.00, with 21 Medicare Part D plans available.
Pace, Florida, and Tallahassee, Florida also offer the same Medicare Part D prescription drug premiums in their area.
What Makes Medicare Part D Right For Me?
Medicare Part D may not appeal to all Medicare recipients. Medicare has many options, and choosing the right plan might seem confusing, but there are many resources available to help you better understand the opportunities they offer. For example, nearly one-third of Alabama Medicare participants have a stand-alone Medicare Part D Prescription Drug Plan. However, Florida‘s Medicare premiums are higher than the national average, so only approximately 32% of Medicare receivers are enrolled in a stand-alone Medicare Part D Drug Coverage Plan.
With this information in mind, there are a few major factors to consider when choosing a Part D plan:
- Coverage of the plan offered
- Coverage you already have
- Prescriptions you have
- Cost of the Part D plans in your area
By having an understanding of these factors, you are guaranteed to make a more knowledgeable decision on your coverage.
To learn more about Medicare Part D and what would make it a good choice for you, reach out to Sunsurance Agency today!