Prescription Drug Plan

A Prescription Drug Plan, or Medicare Part D, provides coverage for medications, ensuring affordable access to necessary prescriptions. These plans are offered by private insurance companies approved by Medicare and can be added to Original Medicare or certain Medicare Advantage plans.

At Little River Retirement & Insurance, we recognize the importance of maintaining your health with the medications you need, and we’re committed to helping you select the right Prescription Drug Plan for your situation.

Each Prescription Drug Plan has a formulary—a list of medications it covers. These formularies are divided into tiers, with each tier representing a different cost level. Typically, generic drugs fall into the lowest tiers and are the most affordable, while brand-name and specialty drugs are in higher, more expensive tiers. Understanding your plan’s formulary is crucial to ensuring your medications are covered at a cost that fits your budget.

Prescription Drug Plans also include cost-sharing elements such as premiums, deductibles, copayments, and coinsurance. Some plans may have a deductible, meaning you pay the full cost of your medications until the deductible is met. After that, you share the costs with your plan through copayments or coinsurance.

Another important consideration is the coverage gap, often referred to as the “donut hole.” This occurs when your total drug costs reach a certain limit during the year. While coverage continues, out-of-pocket costs may increase until you exit the gap. Fortunately, catastrophic coverage ensures you won’t face excessive expenses after reaching a specific spending threshold.

Choosing the right Prescription Drug Plan requires assessing your current and potential future medication needs. Little River Retirement & Insurance is here to help you navigate plan options, ensuring that your preferred pharmacies are included in the plan’s network and that your prescriptions are covered.

A well-suited Prescription Drug Plan can significantly ease the financial burden of medication costs. Contact Little River Retirement & Insurance today to find the plan that works best for you and keeps your health on track.