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Stand-alone Prescription Drug plans can help reduce your costs for medications
Medicare Part D Prescription Drug plans (PDP) help people with Medicare afford prescription drugs since Original Medicare doesn’t cover medications. If you have Original Medicare, you may want a PDP to get coverage for your drugs. Medicare Part D plans are sold by private insurance companies, like Florida Blue. Florida Blue offers two stand-alone Medicare Prescription Drug plans (Part D).
Premier Rx and Complete Rx plans cover:
Many generic and brand-name drugs with predictable copayments
An extensive list of plan-covered drugs (formulary)
May include a low-cost mail-order pharmacy service for free home delivery of your medications
A nationwide pharmacy network
Three ways to get Medicare Part D coverage
Add Part D coverage to your Original Medicare Parts A and B coverage with a stand-alone Medicare Prescription Drug plan (PDP).
Choose the convenience of a Medicare Advantage Prescription Drug plan (MAPD) that includes both medical and prescription drug benefits.
Select both a Medicare Supplement plan and a Medicare Prescription Drug plan to add to your Original Medicare Parts A and B coverage.
What does a Medicare Part D plan cost?
Different types of costs for a Medicare Part D plan:
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Deductible - The amount you pay before Original Medicare begins to pay its share of the cost.
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Copay - A flat dollar amount (for example, $10) you pay each time you fill a drug.
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Coinsurance - A percentage (for example, 10%) you pay for your prescription drugs.
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Premium - A fixed, monthly amount you pay for your PDP coverage.
2027 Medicare Part D Stages
During the initial coverage stage, you pay a copay or a percentage of the drug costs, known as co-insurance for each prescription and your plan pays the balance of the costs until you reach a set amount.
In the Catastrophic phase, you do not pay a copay or a percentage of the drug costs known as co-insurance for each prescription and stay in this stage for the remainder of the year.
And remember that Medicare provides “Extra Help,” to help pay prescription drug costs for people who have limited income and resources. Ask your licensed sales agent about “Extra Help” if you think you might qualify.
2027 Medicare Part D Formulary
What is a formulary?
A formulary is the list of drugs, from brand-name to generic, that are covered by a Medicare Prescription Drug plan. Covered drugs and costs vary from plan to plan.
- Many plans have a tiered formulary, where drugs are divided into groups called "tiers" based on their cost.
- In general, the lower the formulary tier, the lower the cost to you.
- Generic drugs typically are on Tiers 1 and 2.
Our Medicare Specialists or your local sales agent will be able to answer any additional questions you have on prescription drug coverage.
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