Medicare Prescription Drug Plans FAQ

Frequently Asked Questions

What is Medicare Part D? Medicare Part D is insurance that covers brand name and generic prescription drugs, helping people with drug costs that are not covered by existing insurance and/or Medicare.
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Am I eligible for Medicare Part D?
If you have Medicare, you are eligible for Medicare Part D Prescription Drug Coverage. You can either join a prescription drug plan (PDP) or join a Medicare Advantage Plan that includes drug coverage. About 2/3 of Part D beneficiaries are enrolled in a PDP.

When can I enroll for Medicare Part D?
Annual enrollment periods last from October 15 to December 7 ONLY.

How much does Part D cost?
The average (weighted) monthly premium for PDPs was $39.90 in 2014, which is an increase from $38.14 in 2013. Premiums are projected to have increased to $42.70 for 2015 as well. Low-income subsidies are available for those struggling with these costs.

Are all drugs covered?
While Medicare Part D does cover brand name and generic prescription drugs, it's important to realize there are some medications that are not covered. These include drugs not approved by the Food and Drug Administration and those prescribed for off-label use, drugs not available by prescription for purchase in the United States, and drugs for which payments would be available under Parts A or B of Medicare.

Will the new health care law provide help with the prescription drug coverage gap?
If you reach the coverage gap in 2015, the act will offer a 55% discount on brand-name drugs and a 35% discount on generic drugs at the time you buy them. There will be additional savings in the coverage gap each year until it's completely closed by 2020.





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