To get prescription coverage help from Medicare, participants will need to sign up for a Medicare Prescription Drug Plan (Part D) or be enrolled in a Medicare Advantage Plan (Part C).
Part D plans are offered by private companies and cover both generic and brand-name drugs. There are hundreds of different Part D plans. Specific drug coverage depends on the drug plan participants choose and its formulary, which is the list of drugs covered by the plan. This list must always meet Medicare???s requirements, and it can be changed and updated depending on new information.
Medicare Medical Insurance (Part B) does cover some medications (such as cancer drugs) that are dispensed in a doctor???s office or in an outpatient facility at a hospital. A 20 percent deductible is common under Part B; therefore, people with large drug bills can consider purchasing a Medicare Supplement Insurance (Medigap) policy, such as Policy F, which covers the cost of drugs administered in doctors??? offices.
What Do Medicare Prescription Drug Plans (Part D) Cover?
Does the Affordable Care Act (ACA) Provide Help with Drug Bills Under Medicare?
What Do Medicare Advantage Plans (Part C) Cover?
What Is a Formulary?