Effexor is prescribed by physicians to treat major depressive disorders, anxiety, and panic disorders. Effexor, or the generic Venlafaxine, is an antidepressant within the SSNRI (selective serotonin norepinephrine reuptake inhibitors) family of medications. According to recent studies, Effexor is among the newer antidepressants considered effective for late-life depression. It is recommended for seniors because of its limited potential to interact with other medications.
If you are 65 years of age or older, or qualify for Medicare due to disability, you may be able to get help paying for your prescription medications. When you are eligible for Medicare, you have choices. You can get your Medicare benefits from Original Medicare, the program administered by the federal government, or through Medicare Advantage, offered by private insurance companies that contract with Medicare to provide your Part A (Hospital Insurance) and Part B (Medical Insurance) coverage. Unfortunately, Part A and Part B do NOT include prescription drug coverage. The good news is that Medicare Part D can help.
How Medicare Part D Can Help
Medicare Part D is prescription drug coverage. If you get Original Medicare, you can enroll in a stand-alone Prescription Drug Plan (PDP) to help pay for medications you need. If you choose to enroll in a Medicare Advantage plan, you will get the same Part A and Part B benefits as Original Medicare, but many MA plans offer additional benefits, including prescription drug coverage.
Before enrolling in a PDP or Medicare Advantage plan with prescription drug coverage (MA-PD), compare plans. Each plan has a unique formulary, or list of covered drugs. If you already take Effexor, check the cost of the medications from the plans you are considering. Each plan has custom tiers of pricing based on brand name, generic, or mail order medications.
Have your prescription drug needs changed?
If you are already enrolled in prescription drug coverage, but your needs have changed over the past year, consider exploring your options during Medicare’s Annual Election Period (AEP). From October 15 through December 7, you can make changes to your Medicare coverage, including changing from one Prescription Drug Plan to another, changing from one Medicare Advantage plan (with or without prescription drug coverage) to another MA plan (with or without prescription drug coverage), dropping Original Medicare and enrolling in a Medicare Advantage plan, or dropping your MA plan and reverting to Original Medicare (with the option to enroll in a PDP). If your current coverage isn’t meeting your evolving needs, compare plans available in your area and find the Medicare insurance that is right for you.