FAQs for Medicare Part D, Medicare Part D Plans, Medicare Prescription Drug Plans

When it comes to understanding Medicare Part D in Belmont, Charlotte, Gastonia, Shelby, NC, Columbia, Rock Hill, SC, and surrounding areas, there are many questions that we hear many times.

At Watson Insurance Agency, we have devised these frequently asked questions to address some of these common questions to help provide you with fast and helpful answers.

Review these questions and then contact our team to schedule an appointment to review your current health insurance options.

What Is Part D of Medicare About?

Medicare Part D is specifically about prescription drug coverage. Parts A and B deal with hospital stays and other medical issues, but do not address prescription drugs. Part D covers the prescription drugs, and private insurance companies provide this coverage.

I Did Not Get the Part D Prescription Plan During My Initial Enrollment. What Do I Do?

There are several options available to you. If you did not enroll during your initial enrollment period and have a ‘creditable’ drug coverage plan, you can delay Part D coverage without penalty. However, if you do not have a ‘creditable’ drug coverage plan and don’t take Part D at initial enrollment, you will likely have a penalty assessed when you do enroll in Part D in the future.

Who is eligible for Medicare Part D?

If you are eligible for Medicare Parts A and B, you are also eligible for Medicare Part D. The other requirement is that you reside in the plan’s coverage area; this is because private insurance companies provide Part D coverage and will have a limited geographic area. You can enroll in Part D coverage during your initial enrollment period, the annual enrollment period, as well as any special enrollment periods.

What does Medicare Part D cover?

Generally speaking, Medicare Part D covers a range of prescription drugs on an outpatient basis. Because Part D is offered by private insurance companies, each plan offers its own list of what drugs are covered, plus deductibles, copays, and more.

What types of drugs are covered by Medicare Part D?

There are specific categories of drugs that plans must cover, including antidepressants, antipsychotics, anticonvulsants, immunosuppressants, cancer drugs, and HIV/AIDS treatments. The specific drugs will vary by plan, so careful attention to each plan’s list of covered drugs is important.

What drugs are not covered by Medicare Part D?

Some drugs are not covered by Part D plans. These include: fertility drugs, non-prescription drugs, weight loss, and weight gain, cosmetic drugs and hair growth drugs, cough or cold symptom drugs, erectile dysfunction drugs, as well as prescription vitamins and minerals.

How much does Medicare Part D cost per month?

Because of the different insurance companies that offer Medicare Part D plans, as well as the level of income you have, the range of monthly premiums for Part D coverage could be as low as $0 up to nearly $200 per month.

How to apply for Medicare Part D?

If you are eligible, you can apply for Medicare Part D coverage during the initial enrollment period, during the annual enrollment period, or during a special enrollment period. There are a couple of ways to enroll, either through the Medicare website or by calling them, through an insurance company directly, or by speaking with our team at Watson Insurance Agency. It will be important that you have your Medicare number along with a list of current medications you are taking.