Medicare Prescription Coverage
Also known as Medicare Part D, provides prescription drug coverage for its members at more affordable prices. This plan helps cover the costs of any important medications that you may need.
These plans are offered through private insurance carriers and can vary in cost. Even if you are not currently taking any prescription medication, you should consider enrolling in a Medicare Part D plan to avoid any late enrollment penalities in the future.
Who is eligible for Part D?
Part D plans are sold through private insurance companies that follow the rules set by Medicare. You must be enrolled in Medicare Part A and/or Part B to be eligible for Medicare Part D.
Keep in mind that you cannot be denied drug coverage, even if you have pre-existing conditions.
What is the Medicare Part D Deductible in 2023?
The Medicare Part D annual deductible is currently $505 in 2023.
There are some Part D plans that have a $0 deductible, but usually have a higher monthly premium.
Depending on your income level, you may be eligible for partial Extra Help, which would reduced your deductible down to $104 and if you are qualify for full Extra Help, then you will have a $0 deductible.
Each Medicare Part D carrier sets the dedutible for their plans. It is important that your medications are covered by the plans formulary when choosing a plan that will fit your prescription needs.
Can I sign up for Medicare Prescription Coverage at anytime?
You are eligible to enroll in a Part D plan during your Initial Enrollment period (IEP), when you first become eligible for Medicare.
If you missed your Initial Enrollment Period (IEP), you will be given a chance to enroll during the Open Enrollment Period (OEP), which runs from Januart 1st to March 31st. It’s important to be mindful, that anytime you miss important deadlines and sign up late, this could result in late enrollment fees.
Depending on your situation, you could also be eligible to enroll during a Special enrollment Period if you have experienced a life changing event. Such life changing events would include losing coverage through an employer or if you already have Medicare Part D, but are moving to a new location.
How do I get Medicare Part D?
Part D plans are sold by private insurance companies and not the Federal government. These plans must follow the rules set by Medicare. This will allow the private insurers to offer their drug plans directly to consumers like yourself.
Once you are eligible for Medicare, you will be able to enroll in Medicare Part D. It’s important to also keep in mind that not every plan will cover all drug prescriptions and also copays can vary depending on the plan.
Which Part D plan is right for me?
It is important to compare Part D plans offered in your area to determine which is suitable to help cover your important medications. Finding the right Part D plan may seem overwhelming, if you’re unfamiliar with doing this online. Not to worry, we have an expert team that can guide you through this process and help you each step of the way.
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