Medicare Part D (aka Prescription Drug Plans (PDP)

Medicare offers prescription drug coverage to everyone with Medicare. If you decide not to join a Medicare Prescription Drug Plan when you're first eligible, and you don't have other creditable prescription drug coverage, or you don't get Extra Help, you'll likely pay a late enrollment penalty. To get Medicare drug coverage, you must join a plan run by an insurance company or other private company approved by Medicare. Each plan can vary in cost and drugs covered.

  
2 Ways To Get Drug Coverage
What drug plans cover

Each Medicare Prescription Drug Plan has its own list of covered drugs (called a formulary). Many Medicare drug plans place drugs into different "tiers" on their formularies. Drugs in each tier have a different cost.

A drug in a lower tier will generally cost you less than a drug in a higher tier. In some cases, if your drug is on a higher tier and your prescriber thinks you need that drug instead of a similar drug on a lower tier, you or your prescriber can ask your plan for an exception to get a lower copayment.

PART "D" - Prescription Drug Plans (PDP)
Annual Deducible for 2017 = $400.00
Initial Coverage Limit or Threshold = $3,700 (Now you are in the Donut Hole or Coverage Gap).
In the Coverage Gap - you are responsible for 51% of the cost of Covered Generic Drugs and 40% for covered Brand-name drugs.
OUT OF POCKET Threshold = $4,900. Once this is reached, you pay the greater of 5% of the drug costs or $2.95 copay for a Generic Drug or $8.29 for a Brand-Name Drug.

 
     
 
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