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Medicare Part D Insurance

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Medicare Plans of America

Medicare Part D is the newest type of  medicare plan. Some say that it is the most complex. It covers prescription drugs that are usually filled at your local pharmacy or filled through mail order. It consists of 4 tiers known as 1, 2, 3 and 4. Tier one is typically generic drugs. Tier 2 is for preferred brands. Tier three is for non preferred brands and tier four is for specialty drugs. However it is worth noting that we’re starting to see at five tier structure with some of the medicare part d plans. The extra tier is used with generics creating a preferred generic as well as a non preferred generic category.

A  Few Things About Medicare Part D Insurance

Medicare prescription coverage is available only by private health insurance companies approved by medicare and they contract with CMS. You can purchase a stand alone  prescription drug Part D Plan planned before drug coverage can be bundled with a medicare advantage plan often known as medicare part c. Please note that most medicare advantage plans do not allow you to purchase a medicare advantage plan and a stand alone Part D Plan separately. Your insurance adviser will help you find this information out.

Prices  will likely vary from plan to plan, so it definitely pays to shop around. If you don’t sign up for  prescription drug coverage have some other form of credible drug coverage as soon as you become eligible, you may be charged a late enrollment penalty. That penalty equals one percent of the current national base beneficiary premiums. This is presently thirty one dollars and seventeen cents multiplied by the number of months what you did not have credible drug coverage.

Two Ways to get Coverage for Part D

  1. As a stand alone medicare prescription drug plan.
  2. or through yourmedicare advantage with prescription drug coverage included.

If you have traditional medicare and you do not want to change to a medicare advantage plan, then you need to join in an on it’s own drug plan to avoid a late enrollment penalty (unless you have quality drug card). While many medicare advantage plans offer prescription drug insurance as part of the plan there are some of that don’t. If you have a medicare advantage plan that does not offer drug coverage, you’ll need to find a stand alone. If you have a medicare advantage plan that doesn’t include drug coverage, you’ll need to find a stand alone medicare prescription drug coverage .I can’t stress out enough.

Medicare Part D Donut Hole

The donought hole  is a gap in coverage that occurs once you and your plan have a preset spending limit for your drugs. When that limit is reached you will have to pay a larger portion your name-brand and generic drug costs and that will likely supersede what’s your co-payments were. If you reach the next spending plateau, the drug plan kicks back in and covers an even higher portion of your drug costs.

Keep in mind that every medicare drug plan currently comes with a donut hole. The good news is that many people never reach the donut hole. What’s more there are discounts available at name brand and generic drugs for those who do reach the donut hole. The donut hole will be phased out altogether by the year 2020.

Enrolling in Medicare Part D Insurance

If you are eligible for a medicare part d coverage and ready to enroll there are a lot of of medicare resources available to help you. Medicare.gov has a tool to help you find the most economical prescription plan in your area. You just need visit Medicare.gov and go to find a plan and follow the instructions.

Federal Subsidy on Medicare Part D

You can also find out if you can apply federal subsidy on Part D  Coverage by visiting ssa.gov/prescriptionhelp Social security’s low-income subsidy LIS  program referred to as extra help helps pay for your drug co-payments and your deductibles. If you qualify may save up to four thousand dollars a year on your prescription drug costs.

You can get help about this very subject matter. You may call:

  • your local SHIPS State Health Insurance Assistance office.
  • Medicare at 1-800-633-4227
  • your local dept of human services office

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