Medicare Part D Drug Plans

Overview of Medicare Part D Drug Plans

Part of enrolling in Medicare includes choosing a Medicare Part D Drug plan. Part D is your drug plan. You have the option to choose a new Medicare Part D prescription drug plan each year during an Annual Enrollment Period (AEP) from October 15th to December 7th.

While you are automatically renewed in the same Medicare prescription drug plan each year, it doesn’t hurt to shop around. You can compare your current plan to see if you can save big on out-of-pocket costs, covered medications and premiums.

To get Medicare Part D coverage, you must join a plan offered by an insurance company or other private company approved by Medicare. Medicare Part D Drug plans vary in cost and drugs covered.

Why Do I Need a Medicare Part D Drug Plan?

Finding the right Medicare Part D Drug plan can be tough. There are a lot of options to consider, including your eligibility, the medications you are currently taking and your budget. For example, many Medicare recipients are unaware they must enroll in a Medicare prescription drug plan once they become eligible for Medicare, even if they currently do not take medications or need prescriptions.

If you do not enroll in one of the Medicare Part D Drug plans when you’re first eligible or if you go without prescription drug coverage for a period of 63 or more days in a row after you qualify, you may have to pay a late-enrollment penalty.

This IS NOT a one-time penalty. The penalty is annual and may increase each year. Also, you may have to pay this penalty for as long as you have a Medicare prescription drug plan.

What Are the Benefits of a Medicare Part D Drug Plan?

Besides avoiding a penalty, there are other benefits to enrolling in a Medicare Part D Drug Plan. The plan will cover many prescription drugs. Each Medicare Prescription Drug Plan will have a list of drugs that are covered through the plan in its formulary. Should you need a medication not listed in the formulary, you can request an exception, pay out of pocket or file an appeal.

We Can Help You Get a Medicare Prescription Drug Plan

Remember to ask a MedicareInc.com agent which Medicare Part D Drug Plan is right for you. Our licensed agents are ready to help you with any questions regarding enrolling in a Medicare prescription drug plan.

Learn more by reading our suggested knowledge base article Medicare Part D (Prescription Drugs)