What does Medicare Part D cover?

 

Medicare Part D is the prescription drug benefit for people with Medicare. It is optional, but it can help you save money on prescription drugs.

Part D plans are offered by private insurance companies. Each plan has its own formulary, which is a list of covered drugs. The cost of your drugs will depend on the plan you choose and the drugs you take.

Part D plans typically have four different types of costs:

• Premium: This is the monthly fee you pay for the plan.
• Deductible: This is the amount you have to pay out of pocket before your plan starts paying for your drugs.
• Copays: These are the amounts you pay for each prescription.
• Coinsurance: This is the percentage of the cost of your drugs that you pay after you have met your deductible.

You can sign up for Medicare Part D during your Initial Enrollment Period (IEP), which is the 7-month period that starts 3 months before you turn 65. You can also sign up during the General Enrollment Period (GEP), which runs from January 1 to March 31 each year.

If you miss your IEP or GEP, you may have to pay a late enrollment penalty.

To learn more about Medicare Part D, you fill out the permission to contact form and a licensed agent will be in contact to answer all your questions you may also call 1-800-Medicare.

Here are some of the things to keep in mind when choosing a Medicare Part D plan:

• The cost of the plan: Make sure you understand the premium, deductible, copays, and coinsurance for each plan.
• The formulary: Review the list of covered drugs for each plan. Make sure the drugs you take are covered.
• The coverage gap: The coverage gap, also known as the donut hole, is the period when you have to pay the full cost of your drugs. Some plans offer discounts or coverage during the coverage gap.
• The drug delivery options: Some plans offer mail-order or home delivery of drugs. This can be a convenient option if you have difficulty getting to the pharmacy.

It is important to compare different plans carefully before choosing a Medicare Part D plan. You can use the Medicare Plan Finder to compare plans in your area.

I hope this post helps you learn more about Medicare Part D. For more information about your Part D options click on the link below and a licensed agent will be in contact Permission to contact