Medicare Prescription Drug Plans have a formulator of covered drugs. Several medicare prescription drug plans put drugs into different tiers within their list or formularies. The drugs in each tier have different costs.
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Typically, it will cost you less money for a drug in a lower tier as opposed to a higher tier drug. Sometimes, if you were prescribed a drug that appears in the higher tier and your prescriber feels you need that particular drug instead of one that is similar and appears in the lower tier, you can ask your medicare prescription drug plans to grant you an exception in order to obtain a lower co-pay.
Your actual Medicare Prescription Drug Plans costs vary depending on:
Which drug you are using
Which plan you have
If your pharmacy is in your Medicare prescription drug plans network
If the drugs you are using are on your Medicare prescription drug plans formulator
If you get help paying your Part D Medicare costs
The following types of insurance are considered creditable prescription drug coverage. For the most part, if you have any of the insurances listed below, it is to your advantage to keep the current coverage.
FEHB – Federal Employee health Benefits Program
Military health benefits – TRICARE
Indian Health Services
Retain any prescription drug coverage information you get from your plan that is creditable. If you decide to join Medicare prescription drug plans at a later date, you may need that information. Remember not to send creditable coverage certificates or letters to Medicare.
Once you make the decision on how to get your Medicare coverage, you can then select Medicare prescription drug plans Part D and/or Medicare Advantage Plans part C. Call 800-666-7302 for more information about Medicare prescription drug plans.
There are certain times when you can sign up for these particular plans, or make changes to ones you already have. Medicare does not require you to sign up every year. However, you do have the ability to change plans or review your coverage every year.