Medicare Part D Prescription Drugs

Medicare Part D is how Medicare refers to a Medicare RX plan. Everyone over the Age of 65 is required to have drug coverage. It can either be obtained from your employer, if you continue to work and that coverage is deemed creditable (i.e. it is as good or better than what Medicare says must be minimally offered.), or by purchasing a stand-alone drug plan from an insurance company, or by purchasing a Medicare advantage plan that includes a drug plan.

Each Medicare 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. Your prescriber may think you need a drug that's on a higher tier. If so, you or your prescriber can sometimes ask your plan for an exception to get a lower copayment.

A Medicare drug plan can make some changes to its formulary during the year within guidelines set by Medicare. If the change involves a drug you're currently taking, your plan must do one of these: