Medicare Part D Prescription Drug Plans in Florida
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What are Medicare Part D Prescription Drug Plans?
Medicare beneficiaries in Florida who need prescription drug coverage may be interested in learning about Medicare Part D Prescription Drug Plans. Original Medicare (Part A and Part B) includes limited prescription drug coverage for certain situations (such as hospitalization), but generally doesn’t cover medications you take at home.
You have two main options for Medicare prescription drug coverage in Florida (as in other states).
- If you’re enrolled in Medicare Part A or Part B, you can sign up for a stand-alone Medicare Part D Prescription Drug Plan to work alongside your Original Medicare coverage.
- If you have both Part A and Part B, you can enroll in a Medicare Advantage Prescription Drug plan, which combines all your Medicare benefits into a single plan. Medicare Advantage Prescription Drug plans give you another way to receive your Medicare coverage — through a private Medicare-approved insurance company instead of directly through the government. Medicare Advantage plans cover all Medicare Part A and Part B benefits except hospice care, which Medicare continues to cover when you have a Medicare Advantage plan – and many plans offer extra benefits, like prescription drug coverage and routine dental care.
Both Medicare plan options are available from private insurance companies that contract with Medicare. Monthly premiums and other costs, such as copayments, vary among insurance companies.
Each Medicare Prescription Drug Plan has its own formulary, a list of covered prescription drugs. When you’re shopping for a plan, you might want to check the formularies of various plans to see which plans cover your medications. Be aware that formularies can change, but you will receive notice from your plan when necessary.
Medicare Advantage Prescription Drug plans also have formularies. You continue paying your Medicare Part B monthly premium no matter which of these Medicare plan options you choose.
You’re not required to have Medicare prescription drug coverage, but if you don’t sign up for it as soon as you’re eligible for Medicare, you might pay a Part D late-enrollment penalty if you sign up later on.
Some Medicare Part D Prescription Drug Plans in Florida (as in all states) have a coverage gap, also known as the Medicare “donut hole.” Whether you reach this coverage gap and what your costs will be depend on how much you spend on your prescription drugs, and which Medicare Part D Prescription Drug Plan you have. During the donut hole, you’re generally responsible for higher out-of-pocket costs until your spending reaches the maximum out-of-pocket limit. Once you reach the out-of-pocket limit, you make only a small copayment or coinsurance for your medications for the remainder of the calendar year.
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