Download Free Medical Medicare Part D Prescription Drug Benefit Overview PowerPoint Presentation

Medicare Part D Prescription Drug Benefit Overview PowerPoint Presentation

DOWNLOAD MEDICAL POWERPOINT PRESENTATION

About This Presentation

Description : This presentation on Medicare Part D Prescription Drug Benefit Overview was created by the School of Pharmacy Relations Committee for AMCP.

Tags : Managed Care Pharmacy, healthcare, Academy of Managed Care Pharmacy, pharmacists, Managed Care Organizations, Student Pharmacist, Medicare, Part D, Prescription Drug, Benefit

Published on : Jul 01, 2020 | Views : 2315 | Downloads : 2

Shareable Url :

Embed Code :

Comment

Transcript

Slide 1-

Medicare Part D Prescription Drug Benefit Overview Created by the School of Pharmacy Relations Committee for AMCP Updated: March 2020
Slide 2-

Medicare – The Basics Federal health insurance program administered by the Centers for Medicare & Medicaid Services (CMS) Program covers individuals: 65 years of age and older Under age 65 with qualifying disabilities Under age 65 with end stage renal disease (ESRD)
Slide 3-

Original Medicare Medicare Part A: Free premium for most people Qualified individuals are automatically enrolled when eligible Covers inpatient hospital stays, skilled nursing facilities, home health care, and hospice Limited drug coverage (drugs given during covered stays)
Slide 4-

Original Medicare (cont.) Medicare Part B: Medicare pays 80% of the Medicare-allowed amount for physician services Covers physician office visits, outpatient hospital services, and durable medical equipment (DME) Provides benefits for some drugs, including certain chemotherapy drugs, certain drug injections given during an office visit or outpatient facility, and drugs that are given at a dialysis facility
Slide 5-

Medicare Part D – Covered Drugs In general, Part B covers the following: Drugs used with an item of DME Some antigens Injectable osteoporosis drugs Erythropoiesis-stimulating agents Blood clotting factors Injectable and infused drugs Oral ESRD drugs
Slide 6-

Medicare Part D – Covered Drugs (cont.) Additional Part B Coverage: Parental and enteral nutrition (intravenous and tube feeding) Intravenous immune globulin (IVIG) provided in home Vaccinations Transplant/immunosuppressive drugs
Slide 7-

Medigap Insurance sold to individual members Generally must have Medicare Parts A and B to purchase Medigap Fills in the gaps (ie, deductibles, coinsurance) of original Medicare plan Cannot provide outpatient prescription drug coverage Often referred to as Medicare Supplement Health Insurance
Slide 8-

Medicare Part C (Medicare Advantage) Part C provides a managed care alternative to original Medicare (Parts A and B) These plans represent the privatization of Medicare plans with variable cost-share Medicare Advantage (MA) plan benefits can include: All Medicare program benefits and protections Regular Medicare-covered services Extra benefits (eg, vision, hearing, dental) Prescription drugs (Medicare Advantage prescription drug plans [MA-PDs])
Slide 9-

Medicare Modernization Act of 2003 Federal legislation signed into law on December 8, 2003 Created a new prescription drug benefit (Medicare Part D) beginning in January 2006 Available to those members eligible for Medicare Part A or Part B and elderly Medicaid beneficiaries Voluntary benefit Coverage available through private insurance companies and managed care organizations (MCOs)
Slide 10-

Medicare Part D Overview Plans offered by CMS-contracted organizations (eg, private plans, pharmacy benefit managers [PBMs], MCOs) PDP: Prescription Drug Plan (provides drug coverage only) MA-PD: Medicare Advantage + Prescription Drug (provides medical and drug coverage) Members select and enroll in plans annually (open enrollment from October to December) Monthly premiums paid to plan
Slide 11-

Medicare Part D – Late Enrollment Penalty Calculated by multiplying 1% of the “national base beneficiary premium” ($32.74 in 2020) times the number of full, uncovered months that a beneficiary was eligible but didn't sign up for Part D National base premium may increase each year and penalty may concurrently increase Extra Help beneficiaries do not need to pay penalties
Slide 12-

Medicare Part D – Formulary CMS set guidelines Formularies must cover beneficiaries in both community and long-term care settings Minimum coverage criteria: 2 drugs per therapeutic category/class Majority of drugs in 6 protected classes are covered: antidepressants, antipsychotics, anticonvulsants, antiretroviral, immunosuppressant, antineoplastics
Slide 13-

Medicare Part D – Formulary (cont.) Per CMS, the following drug classes are excluded from coverage under Part D: Over-the-counter drugs Part A- or Part B-covered drugs Excluded drug categories: Anorexia/weight loss/weight gain Fertility agents Agents for cosmetic purposes or hair growth Agents for symptomatic relief of cough and colds Prescription vitamins and minerals (except prenatal and fluoride preparations) Erectile dysfunction
Slide 14-

Medicare Part D – Formulary (cont.) Drug formularies are specific to each plan (ie, coverage will vary from plan to plan) Copayment or co-insurance vary Restrictions on coverage can include: Prior authorization (PA) Quantity limits (QL) Step therapy (ST) Upcoming drug maintenance and negative formulary changes require a 60 day member notification Includes PA, QL, and ST notifications
Slide 15-

Medicare Part D – 2020 Standard Benefit Limits Members are responsible for: Monthly premium (set by the plan) Annual deductible (<$435) Health plan drug coverage (copay/coinsurance set by the plan) Initial Coverage of $4,020 in total drug cost (TDS). TDS is set by CMS and includes amount paid by plan and member). Once TDS is met, the member falls into the coverage gap (donut hole) where member pays 25% of plan’s cost for prescription drugs
Slide 16-

Medicare Part D – 2020 Standard Benefit Limits (cont.) Coverage gap: member responsible for 25% of cost for prescription drugs and dispensing fees Member continues to pay out-of-pocket until their out-of-pocket costs (not TDC) reaches $6,350 (set by CMS). Deductible, cost share, and member spend in coverage gap all contribute to this threshold In this phase, the member falls into catastrophic coverage where member pays greater of 5% or $3.60 (generic) or $8.95 (brand)
Slide 17-

Medicare Part D – Low Income Dual eligible: Medicaid beneficiaries eligible for Medicare Medicare Savings Program (MSP) categories include: Qualified Medicare Beneficiary (QMB) Program Specified Low-Income Medicare Beneficiary (SLMB) Qualifying Individual (QI) Program Qualified Disabled Working Individual (QDWI) Program Extra Help 2019: Copay no more than $3.40 generic/$8.50 brand
Slide 18-

Medicare Part D – Explanation of Benefits (EOB) Part D members receive an EOB for each month they fill a prescription, which allows members to monitor their benefit status
Slide 19-

Medicare Part D – Additional Resources Centers for Medicaid & Medicare Services www.cms.gov Official US government site for Medicare (can compare health and drug plans) www.medicare.gov
Slide 20-

Thank you to AMCP members Jonny Clark and Sarah Hulvershorn for updating this presentation for 2020
Slide 21-

To improve patient health by ensuring access to high-quality, cost-effective medications and other therapies. Mission & Vision

User Presentation
Related Presentations

Indian Pharmaceuticals Industry Report by IBEF

By: MattB
Views: 2483

Evaluate Vantage Report on impact of COVID-19 Biopharma and Medtech

By: MattB
Views: 1752

United Nations Office on Drugs and Crime (UNODC) World Drug Report 2019 - Booklet 1

By: MattB
Views: 1789

Rare Diseases and the Orphan Drug Act in the US

By: MattB
Views: 3125

United Nations Office on Drugs and Crime (UNODC) World Drug Report 2019 - Booklet 5

By: MattB
Views: 1630

Anticancer Drugs

By: mshussin
Views: 8642

Chemotherapy of Helminthic Infections - Anti-helminthic Drugs

By: mshussin
Views: 3762

ADVERSE DRUG REACTIONS

By: JenniferDwayne
Views: 2857

Ocular Pharmacology

By: medhelp
Views: 1711

Accountable Care Organizations and Patient-Centered Medical Homes

By: MattB
Views: 2286

MattB

About : An experienced pharma professional managing sales, marketing and brand management of top global pharma products Presently leading a team of experts in the development and execution of pharma eCommerce strategies that support GSK products to HCP customers.
Occupation : Medical Professional
Specialty : Other Health Professionals
Country : United States of America
Website :

HEALTH A TO Z