As you may know, Medicare Part D prescription drug plans update their plan formularies (drug lists) throughout the plan year and the March 2020 Medicare Part D formulary updates included 68 new drugs, 25 of which are new generic drugs - with a total of 37 new generic equivalents (variations of manufacturer, drug-strength, and packaging).
Below is a full list of the new generics added to
the 2020 Medicare Part D (PDP) and Medicare Advantage plan (MAPD) formularies:
What Could the Addition of New Generic Drugs Mean to You?
- You may be able to save money by switching
from the brand-name drug to its generic equivalent – with your prescriber’s
approval and a new prescription. Please note, you will need to look
carefully at coverage costs as we have found that many 2020 generics are being
offered on the same tier as their brand-name equivalent or the generics do not
have a significantly lower retail price.
- Your brand-name drug may no longer be
available if a generic is now available. Based on past
experience, you may find that many Medicare Part D plans discontinue
coverage for the brand-name drug in the months following the
introduction of the generic equivalent - or your plan may immediately drop the brand-name drug now that the generic is being introduced
.
If you have received notice from your Medicare Part D plan that your brand-name medication will be dropped, you should speak with your prescriber to determine if you can take the generic equivalent or if you must continue taking the brand-name drug, you will need to ask your plan for a formulary exception to continue coverage for your brand-name drug.
You can click for a chart showing the trends in formulary coverage for some of the more popular Medicare drugs and their generic equivalents.