What is Medicare Part D?
Also known as a Medicare prescription drug benefit, Medicare Part D helps Americans pay for their self-administered prescription drugs through insurance. Medicare Part D was put in place after the realization that many beneficiaries of Medicare were struggling with their retail drug costs with little help. Many citizens subscribed to Medicare could spend thousands on their medication costs.
Today, Medicare beneficiaries are well covered, courtesy of Part D. The beneficiaries can enroll in a Part D plan to complement their original Medicare benefits, or even a Part C Medicare Advantage Plan that incorporates Part D drug coverage.
What Does Medicare Part D Offer?
Coverage and costs of Medicare Part D prescription drug plans vary significantly depending on where you are and the private insurance company which offers the plan. Access to the Medicare Part D prescription drug plan also depends on the area you live in.
It can be challenging to choose a Medicare Part D plan because they differ in the sense that each one has a different customized list of drugs that are covered. Some Part D plans break down drugs into categories. Some categories are designed to offers low costs to participants, while others bring together drugs that increase its costs.
The Part D prescription drug plans cover drugs that are approved by the FDA, available by prescription only, sold as well as used in the US, used for a medically accepted condition, as well as not covered under original Medicare. It can be an uphill task to choose between the many available Medicare options. Worry no more because Medicare Part D plan finder is here for you. They will help you through the hassle of getting the best Medicare Part D plan in your area that meets your needs.
When the plan has initiated, the drugs you are going to purchase year-long are covered. If a plan covers a drug, it covers it year-long and doesn’t expect any changes mid-year. If there will be any changes, you will be notified early enough to give you room to plan on how you will get a supply of drugs for the rest of the year.
What Are Medicare Part D Costs?
The participants of this type of plans typically have to cater several costs to enjoy coverage. However, the cost varies widely and no fixed fees are set by government agencies. The variance in costs in Medicare Part D plans stems from the fact that they are offered through private insurance companies which set prices independently. Nevertheless, Part D participants pay some fixed premiums monthly and, depending on your income bracket, there are surcharges.
Why You Should Enroll in a Medicare Part D Plan
With the other available Medicare options, it is not safe to say you have comprehensively covered your health. While enrolling in the Part D plan is optional, it will come in handy if you take drugs often, your health keeps changing, or you need it to protect you from the high costs of drugs.
If you take drugs now and then, the costs of drugs will definitely hit hard on your pockets. Even if you are in debt and you’re trying to get out of it, you will need a plan that works for you to reduce healthcare costs further from the basic offerings of Part A and Part B plans. Many states have low-cost plans that can suit you. When you know that you have a safety net in place in case your health situation changes, your peace of mind is assured.
It is recommendable to enroll in a Medicare Part D plan when you become eligible for the plan. If you decide to hold until later, you will be charged a financial penalty. In fact, if you are late to enroll and have an accrued penalty, the Medicare premiums you will be paying will be inclusive of Initial Enrollment Period (IEP) for the rest of the years you will have Medicare.
How to Enroll in Part D
When you have decided the plan to go with, you only need to apply directly through the private insurance company. The possible ways of enrolling include paper application, online application or calling the plan. You may also enroll through a qualified and licensed agent.