Medicare Part D

Medicare Part D Plans cover your prescription drug costs and are offered by private insurance companies.
Medicare Part D Plans cover your prescription drug costs and are offered by private insurance companies.

Medicare Part D Plans are cover your prescription drug costs and are offered by private insurance companies. There are two ways to get prescription drug coverage through Medicare:

  1. Add a Medicare Part D plan to your Original Medicare Plan.
  2. If you opt for a Medicare Advantage Plan (Part C), prescription drug coverage may be included in the plan. If not, you will have to buy Part D separately.
placeholder_image Each Medicare Prescription Drug Plan covers different drugs and displays them on its list, or “formulary”. Many Medicare formularies classify drugs by tiers, and each tier has a different cost associated with it. Before you choose a Prescription Drug Plan, make sure you look at the plan’s formulary to see if your medications are covered, and how much the plan costs, as well as if the plan covers your local pharmacy.

Most people are eligible to sign up for a Prescription Drug Plan during a seven month window surrounding your 65th birthday—the three months before you turn 65, the month you turn 65, and the three months after your 65th birthday. After that, if you want to change plans in any way, you need to wait until the Medicare Open Enrollment period which is from October 15 to December 7.

Important note: If you don’t sign up for a Prescription Drug Plan when you sign up to get Medicare, you could pay a penalty. If you go more than 63 days without a Prescription Drug Plan, you may be charged a late enrollment penalty, which goes up for every month you are uninsured.

Part D Cost:
The cost for Medicare Prescription Drug Plans varies depending on the insurance company. In 2016, monthly premiums could be as low as $18 or upwards of $88. Your annual deductible with any plan cannot be more than $360.

How to Sign Up:
If you are opting for Original Medicare, the best thing to do is shop around private insurance companies and compare benefits and prices of Prescription Drug Plans. Once you choose a plan, you can sign up through the insurance company you choose. If you opt for a Medicare Advantage Plan, make sure a suitable Prescription Drug Plan is included in the coverage.



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