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2020 Medicare Plans Offering Prescription (Part D) Coverage

Medicare prescription drug coverage (Part-D) is an optional benefit that is offered to everyone with Medicare. Even if you don’t use prescription drugs now, you should consider joining a 2020 Medicare Part-D Plan. If you decide not to join a Medicare drug plan when you’re first eligible, and you don’t have other creditable prescription drug coverage or get Extra Help, you’ll likely pay a late enrollment penalty if you join a plan later. Generally, you’ll pay this penalty for as long as you have Medicare Part-D coverage. To get Medicare prescription drug coverage, you must join a plan approved by Medicare that offers additional Medicare drug coverage. Each plan can vary in cost and specific drugs covered.

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If you are looking for extra Medicare coverage in 2020 you can use this guide to help compare Medicare Advantage plan and premium information for Medicare plans offering part D coverage. Previous Medicare enrolled seniors cant start signing up until October 15 2018. Open enrollment runs through December 7 2019.

Understand how Medicare Part D works

Medicare Part D sometimes called "PDPs" is a subsidized prescription drug program backed by the US Federal government that provides anyone on Medicare access to medications at reduced rates. All Medicare Part D plans have some basic benefits that are required by Medicare, since it is regulated by the government.

Medicare Part D Drug Formularies

You might be surprised to find out that Part D prescription drug plans are not required to cover all Medicare approved medications. Every drug plan for seniors has a different but similar medication list known as a formulary. The Part D drug plans can set their own drug formulary as long as they follow the established guidelines set by the United States Pharmacopoeia. What you will want to do if you currently take any medications is sit down with a list of your medications, and figure out what your co-pays would be for the top three drug plans in your county. You can also utilize a insurance agent who is contracted with Part D companies to assist you with drug plan comparisons at no additional cost to you whatsoever.

Medications Not covered by Part D

  • Medications that are not approved by the FDA
  • Medications not available to sell in the United States
  • Medications which are covered under Part A or Part B of Original Medicare
  • Any medication use for weight loss or weight gain
  • Fertility medications
  • Medications for sexual disorders such as erectile dysfunction
  • Medications used for cosmetic purposes such as Rogaine for hair growth
  • Medications for the common cold or cough
  • Nonprescription drugs

However, the above medications may be covered if they are prescribed to treat other conditions. For instance, prescription medications for the relief of the common cold may be covered by Part D if prescribed to treat severe asthma or shortness of breath.

Medicare Part D Enrollment

When you first become eligible for original Medicare Parts A and B, you have seven months to sign up for a Part D drug plan. During that time you can not be declined for a drug plan based on your health history you are what is called guaranteed issue. After your initial enrollment is expired every year there is an annual enrollment period between October 15 and December 7, this is when you can change drug plans and your change would go into effect the following January. If you elect not to sign up for a drug plan when you first become eligible, but decide later to sign up for coverage you will pay a Medicare Part D penalty of 1% for every month you did not have the Part D plan but were eligible. If you decide to join a Medicare drug plan, the plan will tell you if you owe a penalty, and what your penalty will cost per month.

*Licensed Agent Disclaimer: We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1-800-MEDICARE (TTY users should call 1-877-486-2048) 24 hours a day/7 days a week to get information on all of your options.

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