Medicare Part D
Medicare Part D
Medicare Part D is Medicare’s prescription drug benefit that provides outpatient drug coverage. Part D is provided through private insurance companies contracted with the federal government.
If you want Part D coverage, you have to either buy a standalone plan or get it through a Medicare Advantage plan.
What drugs are covered under Medicare Part D?
Depending on your plan, this answer will differ. However, these are some drugs that will most likely not be covered under any prescription drug plan:
- Weight loss or weight gain drugs
- Any drugs for hair growth
- Fertility drugs
- Drugs for erectile dysfunction
- Any over-the-counter drugs
Also, if your Medicare Part A or B plan is going to foot the bill, Part D does not offer coverage.
If there are changes coming, you are notified
You can rest assured that all Medicare Prescription Drug Plans are required to publish any changes to its formulary on the plan’s website. The insurance company must also tell you when drugs are removed from the Part D formulary.
All plans are restricted from making changes to the drugs provided and making price changes between the beginning of the annual election period until 60 days after coverage begins. The only exception is if the FDA determines a drug is unsafe or the manufacturer ceases production of the drug.
Also, any changes must include the name of the drugs removed, if the drug changes tiers, the reason for the change, alternate drugs available, any cost sharing, and exceptions available.