Part D of Medicare is a government and private-sector shared program to provide prescription drug coverage to those who are on Medicare. The Centers for Medicare and Medicaid Services (CMS) provide the federal guidelines for what minimum requirements drug plans should have from year to year, and they also approve applications and provide the billing. Insurance companies actually create, sell, and administer the plans.
How does this information affect you? Well, for starters, every year all the insurance companies must recalibrate their drugs to conform to the updated standards set forth by CMS. Agents who sell Part D prescription drug plans must re-certify every year to be able to sell these plans. The prescriptions you took last year may or may not be covered by the same plan this year, and if they are covered, they may not be covered to the same extent.
At CCI Advisors, we review your prescriptions annually to make sure you are on the best plan for your specific situation. We take the guesswork out of picking the correct Part D plan!