Part D, as it’s known today, was enacted as part of the Medicare Modernization Act of 2003. It refers to your drug coverage as a Medicare beneficiary and can be purchased as a standalone plan, or part of a Medicare Advantage program filed in each state.
Part D, aka Prescription Drug Plan (PDP), provides annual coverage for your medications and offers a catastrophic level of protection to protect you from incurring very high drug costs.
We will go through an objective exercise that quickly narrows options down to the most appropriate choices, based on your prescription needs. We plug your prescriptions into a “Plan Finder” tool to objectively determine 2-3 choices to consider.
Each plan has a premium, formulary, tiers for each medicine, and copays/coinsurances associated with each tier. Some plans have deductibles on certain tiers or all the tiers. With so many variables, a qualified agent (who is certified in running the Rx Plan Finder tools available) can save you time and money each season – as plans and plan benefits may change each year.