Medicare Part D Formulary - What to know?
When choosing a drug plan there are several things that you want to be confident in. The first one is that your prescriptions are covered under your Medicare Part D formulary. If your drug plan does not cover your prescriptions, it does not make the premium very beneficial. However if your drugs are covered these Medicare plans can save you a lot of money and be very beneficial throughout the year.
Medicare Part D Formulary
Different Medicare Part D Plans have different formularies. Humana and AARP have different prescriptions that they cover and every other Part D plan on the market covers different prescriptions as well.
Not to be too detailed but the definition of a "Part D" drug means a drug that is dispensed only upon a prescription and is being used for a medically accepted indication. A covered drug is a Part D drug that is included in a Medicare Part D formulary and obtained at a network pharmacy or an out-of-network pharmacy in accordance with the law. Prescriptions purchased in another country are not included under in Medicare Prescription drug plan.
Drugs that are not included in any Medicare Part D formulary will stem from the following list of prescriptions:
- Anorexia, Weight Loss or Weight Gain
- Drugs used to promote fertility
- Cosmetic purposes
- Symptomatic relief of cough and colds
- Nonprescription drugs
- Drugs used for erectile dysfunction
It is highly encouraged for Medicare beneficiaries to thoroughly review their Medicare Part D Drug plans prior to enrolling for the following year. There are many people who stick with the same plan because their prescriptions were covered the previous year, but then they find out the hard way that the formulary has changed.
Medicare Insurance Finders will help you review your Part D options for any Medicare Supplement client. We look forward to working with you so that you can enroll in a cost efficient plan.