Are you wanting to avoid unnecessary medication expenses? In order to do that, it’s important to know which medication plan is the one for you. There are differences between a Part D medication plan and a Part B Medication plan and we are here to help with deciding on a plan that works for you.
What Are These Part B and Part D Plans?
Part B medications are covered when a person enrolls in their Part B coverage through Original Medicare. There is a yearly deductible of $183 for 2018 and can apply to Part B medication.
Part D medications are covered under a Part D plan and these medications are purchased from a private health insurance company.
Part B versus Part D Plans:
Part D Plans: Drugs that are prescribed to you by your doctor are generally covered under your Part D drug plan (as long as it’s on your plans formulary). Therefore, Part D medications are usually self-administered.
Part D medications are usually taken regularly in order to manage health conditions.
Part B Plans: Part B medications are usually the type of medication that cannot be self-administered. These types of medications include: vaccinations, cancer medications, end stage renal disease drugs & tube feeding.
There are limited drugs that can be prescribed as Part B medications for hospital outpatient services. These services can originate from an emergency department, observation unit, surgery center or pain clinic.
It is your right to ask your doctor to clarify whether they are prescribing Part D or Part B medications.
There are some medications that qualify for Part B AND for Part D (this depends on how the medications are administered and what they are for). Part D medications are seldom used for preventative purposes.
If you are new to Medicare, we would encourage you to have one of our agents review your drug list in assisting you to choose the right Part D plan for your medication list. We are here to evaluate and compare drug plans that are most suitable for your needs.
If you are already in the Medicare world, we would suggest you visiting with an agent during the Annual Election Period from Oct 14-Dec 7th. Set up your consultation by contacting us today!
Ultimately, you will want to ensure that your Part D plan is still suitable for you as Part D plans can change their list of formularies, their copays and their preferred pharmacies. For clarity and counseling, feel free to contact us.