When it comes to Medicare there are a lot of moving parts. One aspect of enrolling in Medicare is choosing a Medicare Part D Drug Plan. Choosing the best coverage is important and having a knowledgeable broker by your side is equally as important. Let’s explore Medicare Part D drug plans and how you can make the best decision about your health.
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Overview
Part of the enrollment process for Medicare involves selecting a Medicare Part D Drug Plan, which covers prescription medications. Each year during the Annual Enrollment Period (AEP) from October 15th to December 7th, you have the option to choose a new Medicare Part D Drug Plan. While your current plan may be automatically renewed, it’s wise to explore other options to determine if you can reduce your out-of-pocket expenses, obtain coverage for additional medications, or lower your premiums.
To receive Medicare Part D coverage, you must join a plan that has been approved by Medicare and is offered by a private insurance company. Keep in mind that the costs and drugs covered by Medicare Part D Drug Plans can vary.
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Why Do You Need A Medicare Part D Drug Plan?
Choosing the appropriate Medicare Part D Drug plan can be a daunting task as there are numerous factors to consider such as eligibility, current medications, and budget. It’s worth noting that many Medicare beneficiaries are unaware of the requirement to enroll in a Medicare prescription drug plan upon becoming eligible for Medicare. Even if you are currently not taking a single medication, you need a Medicare Part D Drug Plan.
Failure to enroll in a Medicare Part D drug plan during your initial eligibility period or going without prescription drug coverage for 63 or more consecutive days after qualifying may result in a late enrollment penalty. It’s important to note that this penalty is not a one-time fee! It is calculated annually, potentially increasing each year. Furthermore, you may be subject to this penalty for as long as you maintain a Medicare prescription drug plan.
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Benefits of a Medicare Part D Drug Plan
Enrolling in a Medicare Part D Drug Plan offers more than just penalty avoidance, as there are several additional benefits. The plan provides coverage for a wide range of prescription drugs, with each Medicare Prescription Drug Plan offering a formulary list of covered drugs. If you require a medication that is not included in the formulary, you have the option to request an exception, pay for the medication out of pocket, or submit an appeal.
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How We Can Help you get a Medicare Part D Drug Plan
Navigating Medicare can be difficult to do on your own. If you need help with a Medicare Part D Drug Plan or anything related to Medicare, do not hesitate to reach out to us. Medicareinc.com has years of experience helping seniors enroll in Medicare and get on the best Medicare Part D Drug Plan.
Final Thoughts
Enrolling in a Medicare Part D Drug Plan is an absolute must for anybody turning 65. If you already have a Medicare Part D Drug Plan it is important to remember that each year you have options to switch plans. Talk with MedicareInc.com to get the best options for your situation. We are just a phone call away. (480) 382-1823.
