This is the third of a five-part series on the Parts of Medicare.
Medicare Part D covers prescription drugs for Medicare enrollees. While signing up is optional, many seniors find that this coverage is necessary due to the high cost of prescription drugs – whether they need them now or in the future.
Part D plans are administered by private insurance companies, and subsidized by the federal government. In most cases, you can sign up for a Part D plan during your initial enrollment period when you become eligible for Parts A and B. To recap our previous article, that enrollment period begins three months before and ends three months after the month you turn 65. After this window, if you go longer than 63 days without some form of prescription drug coverage, you may be subject to a penalty when you do decide to sign up for Part D in the future.
Part D Plans are available to individuals enrolled in Medicare Part A and B for a monthly premium that is in addition to their Part B costs. The premiums can be inexpensive and plans may have copayments and coinsurance requirements, so expect some out-of-pocket expenses. Often times, there are several different plans available, and each plan has its own specific list of drugs that it covers. When you sign up, it’s very important to compare plans. That way, you can select a plan that fits your budget, has low out-of-pocket costs, and covers the drugs you need.
Now comes another tricky part about Medicare. Seniors who have enrolled in Medicare Parts A, B, and D may find that there is still a gap in their coverage. This is where Medicare Supplement Plans and Medicare Advantage Plans come in. These types of plans can be purchased to help improve Parts A and B. Watch for our next two articles for important details on these plans.
For help selecting a Part D plan, or to learn more about your Medicare options, contact a Licensed Sales Agent at Get Benefits. You can reach us any time at 800-697-9596. See below to read the other articles in this series, or fill out the form to be contacted or start a chat with one of our representatives.
Click here for Part 4 in our series: Medicare has gaps?