Prescription drugs are another area in health that costs a lot of money. Medicare Part D is an optional plan which covers most prescription drugs. Benefits from the Part D Plan are administered through private insurance agencies. People looking to get this type of plan must pay a small monthly premium, a deductible for every year, and coinsurance for each prescription provided.
Importance of Having a Medicare Part D
Medical bills are not the only expenses that are heavy to pay, but also prescription medications. Drugs are expensive necessities that you can pay for through having a Medicare Part D Plan. Medical Care Parts A and B are limited to medical services, so it is essential to get Part D. Medicare Part D will reduce buying prescription drugs.
How Part D Coverage Works
Original Medical Care Insurance does not manage the Part D plan. It is an insurance policy that contracts with private companies approved to offer its coverage. It comes from two sources:
- PDPs (Prescription Drug Plans) sell prescription drugs that do not provide medical services and are stand-alone companies.
- MA-PDs (Medicare Advantage Prescription Drug Plans) offer hospital, medical, and prescription drugs under one policy.
Vitamins, supplements, fertility drugs, treatment for erectile dysfunction, or any over-the-counter medications are not covered in Part D plans. At least two or more pills from the most prescribed drug categories but be included in all Part D plans, such as HIV medications, antidepressants, cancer treatment, immunosuppressants, anticonvulsants, and antipsychotics.
Most plans also cover vaccines without a copay.
Eligibility for Medicare Part D
Part D Plans can be offered to those who have Medical Care Parts A and B. To be eligible, the insured must be at least 65 years old, have received Social Security disability payments for at least two years, and a diagnosis of end-stage renal disease (ESRD) or kidney failure, or there is a need to have dialysis or a kidney transplant. Those under age 20 with ESRD and at least one parent eligible for Social Security benefits are also qualified.
Conclusion
Although Medicare Part D is optional insurance coverage, it has good medical advantages because prescription drugs are costly and often more expensive than medical services. People that have long-term health problems should get this plan to reduce their financial expenses.
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