Medicare Part D is prescription drug coverage offered by private insurance companies. You can buy Part D as a separate policy or as a part of your Medicare Advantage plan. Either way, the coverage helps offset the cost of your retail prescription drugs.
How Does Medicare Part D Work?
Medicare Part D is optional insurance that covers your prescriptions. You pay a premium for the coverage and get help paying for your medications. If you use the network’s pharmacies, you save money on your medications.
What Does Medicare Part D Cover?
Each Medicare Part D plan covers different drugs. Each plan must cover brand-name and generic drugs for the most common categories, with at least two drugs in each category. You may not find your exact drug covered, but each plan should have a comparable option.
What is the Cost of Medicare Part D?
Each Medicare Part D insurance plan has different costs based on what it covers. While it’s easy to focus on the price, paying for an insurance policy that doesn’t cover your medications makes little sense. Let Senior Insurance Representatives help you choose the plan that covers your medications while saving you the most money.
What Should you Look for in a Medicare Part D Plan?
Choosing a Medicare Part D plan includes a lot of moving pieces. You should look at the cost but also the drugs it covers. If you already take specific medications, you need a policy that covers those medications.
As you shop around, pay attention to the policy’s tiers. Many Part D plans have four tiers:
Tier 1 – Covers mostly generic drugs and has the lowest co-payment
Tier 2 – Covers preferred name-brand drugs at a higher co-pay
Tier 3 – Covers non-preferred brand-name drugs at a higher co-pay
Specialty tier – Applies only to high-cost prescriptions and has the highest co-pay
Get Free Medicare Help
- Compare Costs of Plans
- Estimate Your Savings
- Help You With Enrollment
Who is Eligible for Medicare Part D?
You are eligible for Medicare Part D as soon as you are 65 years old or have a qualifying disability, which you receive Social Security benefits for at least two years. If you think you want prescription coverage, it’s best to sign up for Medicare Part D right away. If you wait and can’t prove that you had creditable prescription coverage before, you may pay a late enrollment penalty.
Get Expert Advice When Applying for Medicare
At Senior Insurance Representatives, we know how confusing applying for Medicare can be. Between the various health insurance plans and choosing prescription coverage (or no prescription coverage), it’s enough to make your head spin. Let us help you choose the plan that requires the least amount of money out of pocket, yet provides the benefits you need given your health circumstances now and moving forward.
