Medicare Part D Plans
We understand how difficult it is to make ends meet with an income that’s not sufficient for retirement. That’s why we offer more Medicare insurance options so you can get the healthcare coverage your budget needs- all while maximizing benefits and other incentives.
Are My Prescription Drugs Covered Under My Plan?
This is one of the biggest concerns, and most frequently asked questions of our clients today. Discovering that a prescription drug that you take is not covered under your plan, or not having any prescription drug coverage at all, can potentially be financially devastating.
What is Medicare Part D?
Medicare Part D is the prescription drug coverage administered by Medicare. It gives beneficiaries the opportunity to purchase retail prescriptions at an affordable, discounted rate, as opposed to paying the full price out-of-pocket, and being at risk of prescription price increases.
Medicare prescription drug coverage can be provided by a stand-alone Medicare Part D plan (only prescription coverage), or a Medicare Advantage plan that includes prescription coverage. To enroll in to Part D, you do not go through Medicare, but to a private insurance company in your state that is approved by Medicare.
Part D Costs
Part D coverage is designed with a formulary, tiers, copayments and coinsurance. All plans will offer benefits for both generic and brand name drugs.
Every provider of Part D benefits has the freedom to select their formulary as well as establish their co-payments and tiers.
It is vital that you use one of the tools available to search your drug options or contact us here at Premier Insurance Network to help you in evaluating your plan options.
Medicare Part D, when purchased with a Medigap plan, has its own separate premium. If a beneficiary purchased a Medicare Advantage program, their Part D benefits would be included in the plan and, therefore, the premium would reflect this combination of benefits.
Medicare Part D Income Related Monthly Adjustment Amount (IRMAA) – Find out if you are subject to additional Part D premiums. Read more about how your income can affect your Medicare Prescription Drug Coverage premiums on our Medicare Costs page.
How Do I Get Part D Coverage?
- If you purchase a Medicare Supplement (A, F, G, or N), you will need to purchase a stand-alone Part D plan (PDP).
- Certain Medicare Advantage (MA) plans and some Private Fee For Service (PFFS) plans exclude prescription coverage. In these cases, you would be eligible to enroll in a stand-alone Medicare Prescription Drug Plan.
- You purchase a Medicare Advantage (MAPD) Part C plan with built-in Part D coverage. Therefore, your Part D coverage is already included in your single plan.
Part D Late Enrollment
If you do not enroll in Part D coverage when you are eligible, you may incur a late enrollment penalty equal to 1% of the “national base beneficiary premium,” which is $33.06 in 2021. The amount of penalty incurred would be in addition to your Part D premiums.
You would be responsible for paying this as long as you carried Medicare prescription coverage.
Want To Learn More About Medicare?
We encourage you to watch our educational videos, read our monthly blog posts, or join us for any of our virtual, interactive webinars where you can quickly learn the fundamentals of Medicare from the comfort of your home.
