A form is a list of insured prescription medication that the different prescription drug plans of Medicare must offer to their members. Some plans restrict prescriptions to those on the form, and others may also provide non-form prescriptions, depending on the level of coverage selected by the beneficiary.
The medications contained in the form are usually those which are considered to be medically effective and cost effective. Meanwhile, due to the ability of insurance providers to negotiate their own “agreements” with pharmaceutical companies under Medicare Part D, without having to transfer savings to the consumer, forms often contain the drugs that these pharmaceutical companies can negotiate the best price on.
If you do not have “credible coverage” from another source, such as an employer plan or the Veterans Administration, and you do not enroll in a Medicare prescription drug plan when you are first eligible, you are likely to be fined for late enrollment The penalty is based on the number of months that have elapsed since you were eligible for enrollment until the final enrollment. A 1% penalty will be imposed per month and will last as long as you remain enrolled in a plan.
The fine is based on the average cost of a plan in the year you finally apply. For example, if it has been 50 months since you were eligible to apply and the national average cost of a plan that year was $50, the cost of your plan would be $75, i.e. $ 1.50 multiplied by 50. This fine, again will be assessed every year in the future as long as you remain enrolled in a plan.
Each provider offers three Part D drug plans to choose from, sometimes referred to as good, better, and better, but the federal government also requires each of these plans to be exactly the same from one provider to another. While the Medicare Part D prescription drug program is not perfect or free, it fulfills the goal of providing access to affordable medicines to millions of beneficiaries across the country.
Achieving a medication plan as part of your overall insurance package will give you peace of mind for an unknown future. One of the hardest parts of navigating the new Medicare part D plans is the form of various drug plans. Selecting a plan is based on which medications you are taking and which plans provide the best coverage for the selected medications. To select the right plan for them, it is essential that qualified Medicare people understand how these forms work.