Medicare Prescription Drug Plans (Part D)

Medicare Parts A and B include very limited prescription drug coverage. Part D Prescription Drug Coverage is often included in Medicare Part C, a Medicare Advantage Plan, but you will want to be sure given the cost of prescription drugs. Medicare Part A and B beneficiaries across the nation have the option of enrolling in Medicare Part D to get help with their prescription drug costs. Navigating Medicare insurance plans can be difficult. If you make a mistake, you can face monetary penalties and enrollment delays. Cerverizzo Insurance Agency can help you shop for and enroll in the best Medicare-approved Part D plan that best fits your needs. 

Medicare Part D is a federal program administered through private insurance companies. These insurance companies offer prescription drug coverage to Medicare beneficiaries. Like all health plans, these plans typically include deductibles, co-pays, co-insurances, and gaps in coverage.

Simply put, Medicare Part D is insurance for your medication needs. You pay a monthly premium to an insurance carrier for your Part D plan, giving you access to use that insurance carrier’s network of pharmacies to purchase your prescription medication. Then, instead of paying full price, you pay a copay or percentage of the drug’s cost, and the insurance company pays the rest. Prescription medication can range in price from a few dollars per month for generics to over a thousand dollars per month for brand name & specialty drugs. Without Part D, you could be responsible for paying the full cost of your prescriptions!

It is important to understand your needs and purchase an appropriate policy to limit your out-of-pocket expenses. One size does not fit all, so it is important to base your decision on the plan premiums and the prescription drugs you take, the purchasing method you prefer, deductibles, copays, and the plan rating.

You may sign up when you first become eligible for Medicare (three months before the month you turn age 65 until three months after you turn age 65). If you get Medicare due to a disability, you can join three months before to three months after your 25th month of cash disability payments.

If you don't sign up when you are first eligible, you must pay a penalty. The penalty is equal to 1% of the base plan premium for each month of non-compliance. If you didn't join when you were first eligible, your next opportunity and the only time you can enroll is during the Annual Enrollment Period (AEP) each year. This time period runs from October 15th through December 7th – with the coverage taking effect the first day of January the next year.

Medicare Part D is one of the programs that most people know something about but not enough to make an educated decision on what is truly needed when the time arrives to purchase a plan or reassess a current plan. That why speaking with a knowledgeable insurance agent from Cerverizzo Insurance can really help. Although it is possible to purchase a plan through the internet, it is your health on the line, so you want to be sure you understand what is and is not covered.

Important points you need to know:

• Medicare prescription drug coverage helps you pay for the prescriptions you need.
• Medicare prescription drug coverage is available to all people with Medicare.
• There is additional help for those who need it most.
• Medicare prescription drug coverage pays for brand name as well as generic drugs.

Medicare Part D drug plans also have changes from year to year. Your plan’s benefits, formulary, pharmacy network, provider network, premium and/or co-payments/co-insurance may change on January 1st of each year. It is an excellent idea to shop your Part D plan each year during the Medicare Annual Enrolment Period from Oct. 15th through Dec. 7th. Pricing your drugs during the AEP window can help you in avoiding unpleasant surprises the following year. As an independent insurance agency, Cerverizzo Insurance specializes in senior health plans. We can help you make sense of everything involving Medicare part D plans so you may choose the best plan from the start and every year on out.