Question By: Medicare Part D was created by the passage of the Medicare Modernization Act and went into effect as of the 1st of January, 2006. If you are eligible for Medicare Parts A and B or already have that coverage, you are also eligible to receive the Prescription drug plans (Part D). The Medicare program approves and regulates these types of plans.
What you ought to remember Of With Part D Coverage
You need to be aware that these plans are designed and administered by private healthcare insurers. However, Prescription drug plans (Part D) coverage is not standardized, unlike Parts A and B. Each plan selects which medications or classes of medications they are going to cover as well as the level at which they are covered. They also have the right to select those drugs that they do not want to cover. The primary exception would be those medications that are excluded by Medicare coverage.
These include barbiturates, benzodiazepines, and narcotic cough suppressants but are not exclusive to these. Additionally, those plans that cover drugs that have been excluded by Medicare cannot pass the costs on to Medicare. If by chance Medicare is billed for these medications, they will refuse payment on them or back-charge the insurer that sent those costs onto them. If you are a Medicaid and Medicare beneficiary, Medicaid will occasionally pay for medications such as benzodiazepines or other types of restricted controlled substances.
The "Donut Hole"
You may or may not have heard the terminology "the donut hole" when researching Prescription drug plans (Part D). This is a gap in insurance coverage that oftentimes occurs once the pre-set prescription medication spending limit has been reached by you and your plan.
The Turning 65 Advisor is an independent insurance agency that focuses on Medicare Prescription Drug Plan. For more information about Medicare insurance, please visit https://www.theturning65advisor.com.
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