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All You Ever Wanted to Know About Insurance

Medicare Prescription Drug Plans Beckley, West Virginia

Medicare Part D Insurance

Part D is a prescription drug plan, provided through several insurance companies in Beckley, West Virginia. Medicare recipients can enroll in a standalone Part D drug plan. That either supplements their Original Medicare or can choose a Medicare Advantage plan with prescription drug coverage.

What is Medicare Part D?

A Part D plan is insurance for essential prescriptions. You pay premium to an insurance company for your Part D drug plan. There is a copay and percentage cost to you. Still, the insurance company will pay for part of your prescription medications. You will get a separate Part D insurance card that is separate from your other Medicare-related cards.

How does Medicare Part D work?

Below is essential information you should have about having a prescription drug policy: 

  • Annual Deductible — There's a deductible you pay for a prescription drug plan. Your deductible could be different or waived e, but the max amount you can be charged was $415 in 2019. You pay a reduced price for your medications until you have met the deductible. After that, you begin initial insurance.
  • Initial Coverage — During this period, you pay a copay for your medications based off your plan’s formulary. Each prescription drug plan has different tiers. Each tier has a copay amount for which you have to pay. Generic drugs typically separate it, preferred name brands, even more, specialized medications, etc. After you and the insurance company paid this, you will enter the coverage gap (donut Hole) which is technically going away in 2020. 
  • The Coverage Gap – In the coverage gap, you still have significant generic medication discounts. Typically, you will pay 25% for name-brand medications and 37% for generics. Your gap spending will continue until you paid $5100 out of your pocket in 2019, 2020 will be different. 
  • Catastrophic Coverage – If you spend past the coverage gap (donut hole), your plan will begin to pay 95% of the expenses of the formulary medications for the remainder of the year.

For more information on Medicare Prescription Drug plans in Beckley, West Virginia, Princeton, West Virginia, Lewisburg West Virginia and all of southern West Virginia contact Songer Benefits, Inc.