If you are enrolled in Original Medicare, you won’t have immediate access to prescription drug benefits. If you want prescription drug coverage, you will need to apply for a Medicare Part D plan. Part D is the component of Medicare that provides prescription drug coverage to its beneficiaries. This is what you need to know about Medicare Part D coverage.
What Is Medicare Part D
Medicare Part D is the prescription drug coverage component of the Medicare program. Part D benefits are administered directly in Medicare Advantage plans, but people who have Original Medicare will need to apply for Part D benefits separately. Part D insurance policies are generally administered by independent agencies that have contracted with Medicare.
Medicare Part D Coverage
Medicare Part D plans will provide you with assistance paying for your prescription medications. The drugs that you have access to will change depending on the formulary of your plan. The formulary includes at least two drugs for each of the most common drug categories, ensuring that Part D policyholders will always have options to treat common conditions. Each drug is categorized and priced based on the insurance providers’ decisions. Before selecting your Part D plan, make sure you determine whether your prescription medications are included at an affordable rate.
Medicare Part D Costs
To maintain your Part D coverage, you will need to pay monthly premiums. There is an upper limit set to all deductibles in Part D policies, in 2020 this limit was $435. Some Part D policies have no deductible but may have higher premiums instead. Finding a Part plan that is both affordable and offers you access to the drugs you need may require research, as policies are priced differently based on location and provider.
Medicare Part D Enrollment
To enroll in Medicare Part D, you should enroll during the Initial Enrollment Period (IEP). The IEP begins 3 months before your 65th birth month, includes that month, and the following three months. If you are under age 65 and have a disability, your initial enrollment period begins 3 months before you are eligible. The Medicare Open Enrollment Period is another period that you can enroll, it falls between January 1 and March 31 of each year.
Find Part D Plans
If you need Part D coverage, get in touch with a Medicare specialist. The team at The Fussell Group Insurance Advisors can help you find a plan in your area. Reach out to us now to schedule a consultation.