Millions of Medicare recipients rely on prescription medications to help improve or maintain their health. Vascepa is a medication prescribed by doctors to lower high triglyceride levels. If you are prescribed Vascepa, you may be concerned about the costs. Medciare Part D prescription drug coverage may be able to help.
What is Vascepa?
Vascepa, or icosapent ethyl, is an omega-3 fatty acid. You find these fatty acids naturally in fish oil. This medication is popular for use alongside a low-cholesterol and a low-fat diet. This medication works to lower high fats (triglyceride) levels in your body. It does this by reducing the number of triglycerides your body produces.
To date, there isn’t a generic version of this drug available. This means that you could pay more for it if your prescription drug plan doesn’t cover it. Fortunately, many Medicare plans include Vascepa as a Tier Four drug. The Tier Four category refers to the non-preferred brand name and non-preferred generic drugs. This is the second most expensive category for prescription drugs and Medicare behind Tier Five.
Understanding Medicare Part D
Medicare Part D helps to cover the cost of outpatient prescription drugs you may need. Private insurance companies offer coverage as part of a stand-alone plan for people who have Original Medicare, or as a part of the set of benefits for recipients of a Medicare Advantage plan.
Most people enroll in Part D coverage as soon as you first get your Medicare insurance unless you have a credible drug coverage plan. If you don’t, you may have to pay for your prescription drugs out of pocket and be responsible for a late enrollment penalty when you decide to enroll later.
Each Prescription Drug Plan (PDP) or Medicare Advantage plan with prescription drug coverage may have its own formulary. The formulary is the list of a plan’s covered drugs. If you can’t find the specific drug listed, you might have to file an appeal, pay out of pocket, or request an exception from the insurer. Fortunately, most plans cover Vascepa.
Costs for Vascepa
Medicare Part D can save you a great deal of money when it comes to your prescription drugs. The price of your Vascepa will depend on which plan you have enrolled in, the pharmacy you visit, the quantity, and whether or not you have a discount card through your insurance.
As an example, if you need 240 0.5 g capsules, you’ll pay around $380. If you get 120 one-gram capsules, you’ll pay around $352 each time you purchase it. Again, these prices can fluctuate depending on the pharmacy and your insurance plan. You will typically take Vascepa twice per day.
If you need Vascepa or any other prescription drugs, make sure you sign up for the prescription drug plan with your Medicare insurance. This can save you hundreds of dollars each month, and you’ll always be able to get the medication you need to stay healthy.