senior couple enrolling in a drug planLet’s Look at Prescription Drug Plans

Medicare Part D is the prescription drug program under Medicare.  It was created by the Government but is run by private insurance companies.

The various plans offered have their list of covered drugs that are called a “formulary.” These formularies are used to place drugs into different tiers based on the Medicare drug plans. A drug that is in the higher tier will cost you more than a drug that is in a lower tier. There are also some instances where your drug is placed in a higher tier, and your prescriber believes you will require it versus something in a lower tier, exceptions can be granted for a lower copayment.

During the year, some Medicare drug plans can make a change to its formulary within set guidelines from Medicare. If you are taking a drug that is involved in these changes, you may have to provide a written notice 60 days before the date the change goes into effect. When you request a refill, you may also provide a notice of the change and a 60-day supply under the same rules from the plan before the change.

Changes for 2016

For your prescriptions to be covered by your Medicare health plan, your prescriber will need to be enrolled or file an “opt-out” request with Medicare for the prescriptions to be covered by your Medicare drug plan. The allotted time allows your prescriber to enroll, or it gives you some time to find one that is currently enrolled. For more information visit medicare.gov or contact your plan or prescriber for additional assistance.

Take advantage of friendly customer service from our licensed insurance agents.


Your Recommended Agent is Greg from BGA Insurance Group

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Greg Gudis – Licensed agent ready to assist you during the enrollment period in 2016. Please fill out the form below to send your information to Greg so that he can contact you with the best advice and plan information for your current situation. He can also provide expert advice on retirement planning, life insurance, and long-term care.

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