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Prescription Drug Plans (PDP)
Prescription Drug Plans are a great way to cut costs on the ever rising cost of health care. It can be a stand alone plan, or be part of a medicare advantage plan with drug coverage built in. Below is an example of how Part D (Prescription Drug Plan - PDP) works.
Example: stand-alone Part D (Prescription Drug) plan
John, age 66, has diabetes and spends more that $950 each month on prescription drugs. John has Medicare Part A and Part B plus a stand-alone Prescription Drug plan that has a $329 annual premium.
Total annual drug costs |
$11,500 |
|---|---|
Annual premium for drug plan |
$329 |
| Step One (cost Sharing) |
$497 |
Step 2 (coverage gap) |
$3,353 |
Step 3 (catastrophic coverage) |
$288 |
Total John pays |
$4,467 |
What is a Prescription Drug Plan(PDP)*
Medicare Prescription Drug Plans add coverage to the Original Medicare Plan, some Medicare Cost Plans, some Medicare Private-Fee-for-Service Plans, and Medicare Medical Savings Account Plans. These plans are offered by insurance companies and other private companies approved by Medicare.
When you join a Medicare Prescription Drug Plan, you use the plan member card that you get from the plan when you go to the pharmacy. When you use the card, you will get a discount on your prescriptions.
Your costs will vary depending on your financial situation and which Medicare Prescription Drug Plan you choose. If you have limited income and resources, you may get extra help to cover prescription drugs for little or no cost. Ask us how!
* Provided by Medicare.gov
