Medicare Prescription Drug Plan
​Part D

Find the most affordable Medicare Part D Prescription Plan

Get affordable and comprehensive drug coverage with Medicare Part D at Hecht Insurance Advisors. As independent agents, we work for you, not the carriers, to find the plan that fits your needs and budget. Each plan has its own list of covered drugs and cost tiers, and we can help you navigate the options to find the plan for you. Contact us today to learn more about Medicare Part D and how we can help you save on your prescription costs.

What is Medicare Prescription Part D?
A Medicare Prescription Drug Plan, also known as Part D, is a program offered by private insurance companies approved by Medicare. It provides prescription drug coverage to individuals with Medicare. Part D plans help cover the cost of prescription drugs, including both brand-name and generic medications. These plans are standalone plans designed to supplement Original Medicare (Parts A and B). Part D plans have their own list of covered drugs (formulary) and may have different cost-sharing structures such as copayments, coinsurance, and deductibles.

​It is important to enroll in a Part D plan during the Initial Enrollment Period to avoid late enrollment penalties.

What do drug plans cover?

Medicare Prescription Drug Plans (Part D) provide coverage for a wide range of prescription drugs. Here's what these plans typically cover:

  1. Brand-name and Generic Drugs: Part D plans cover both brand-name and generic prescription drugs, as long as they are included in the plan's formulary.
  2. Formulary: Each Part D plan has its own formulary, which is a list of covered drugs. The formulary may include various medications across different therapeutic categories.
  3. Prescription Drug Tiers: Part D plans categorize drugs into different tiers on their formularies. Each tier is associated with a specific cost-sharing amount, such as copayments or coinsurance. Drugs in lower tiers generally have lower costs than drugs in higher tiers.
  4. Essential Medications: Part D plans must cover a minimum set of essential medications in various therapeutic categories, ensuring that beneficiaries have access to necessary treatments.
  5. Coverage for Medically Necessary Drugs: Part D plans cover drugs that are deemed medically necessary by a healthcare provider, even if they are not included in the formulary. In such cases, the prescriber may need to provide supporting documentation.

It's important to note that specific drug coverage can vary between different Part D plans and carriers. Before enrolling in a plan, it's recommended to review the formulary and check if your medications are covered and if there are any coverage restrictions or requirements.

Important things to know.

When it comes to Medicare Prescription Drug Plans (Part D), here are some important things to know:
  • Coverage Addition: Part D plans add prescription drug coverage to Original Medicare (Parts A and B), some Medicare Cost Plans, certain Medicare Private Fee-for-Service (PFFS) Plans, and Medicare Medical Savings Account (MSA) Plans.
  • Formulary and Tiers: Each Part D plan has its own formulary, which is a list of covered drugs. Drugs are typically grouped into different tiers on the formulary, and drugs in lower tiers usually have lower costs compared to those in higher tiers.
  • Cost Considerations: The specific cost-sharing amounts (e.g., copayments, coinsurance) for drugs can vary based on the tier and the plan. If your prescribed drug is on a higher tier, you may request an exception from your plan to potentially get a lower copayment.
  • Formulary Changes: Part D plans can make changes to their formularies during the year, but they must notify you in writing at least 60 days prior to any effective change. In case of a change affecting your current medication, the plan should provide a 60-day supply under the same rules as before the change.
  • Late Enrollment Penalty: It's crucial to enroll in a Part D plan during your Initial Enrollment Period (IEP) to avoid a late enrollment penalty. This penalty can increase your premium if you delay enrollment without having creditable prescription drug coverage.

For personalized assistance and to find the right Medicare Part D Prescription Plan for your needs, including guidance on avoiding late enrollment penalties, contact Hecht Insurance Advisors today.
(540) 712-2199​
600 Lee Highway
Verona, VA 24482​
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