Medicare Part D: What You Need to Know
It seems like health insurance options become a bit more complicated with each passing year. If you have questions about your health insurance coverage, you certainly aren’t alone. It can be difficult to know whether a given plan will cover all of your needs and still be affordable. One plan that’s important for most seniors to know about is Medicare Part D insurance. Unlike Medicare Part A (hospital coverage) and Medicare Part B (preventative care), Medicare Part D covers one key part of your medical needs: prescription drugs.
Below, we’ve put together a brief Medicare Part D insurance overview to answer some of the most common questions. After reading this guide, you can obtain additional information from a Medicare Part D quote company like ours to find competitive rates on a plan that works for you.
Who is eligible for Medicare Part D insurance?
If you are one of the 57 million people on Medicare — which includes seniors over the age of 65 and those with permanent disabilities under 65 — you are eligible for this plan. That means if you’re enrolled in Part A and/or B, you have access to Medicare prescription drug coverage (Part D). You cannot be denied for this coverage for health or financial reasons.
Exactly what does Medicare Part D cover?
Not every Part D plan will cover the exact same drugs. However, they have to cover all (or to a large extent all) drugs in six different categories. These include anti-convulsants, anti-depressants, anti-psychotics, anti-retrovirals, chemotherapy (anti-cancer), and immune system suppressants. Keep in mind that some plans will cover more name-brand prescription drugs (these plans often have a higher premium), while others provide wider coverage for generic drugs. Since each Part D plan is different, you should check carefully for any medications you take regularly before selecting a plan.
When can I enroll in Part D?
You’ll have to be enrolled in either Part A or Part B first, and you will need to live in the service area that’s specific to your plan. Those who age into Medicare (i.e., are turning 65) have a seven-month initial enrollment period for both Part B and Part D. This begins three months before your 65th birthday and continues until three months after your birthday has passed. If you don’t enroll during this time, your next chance will be during the annual election period, which takes place from October 15 to December 7 each year. This is also the period when you can switch plans. If you go without prescription drug coverage for longer than 63 consecutive days and then enroll, you may be subject to a late-enrollment penalty.
How can I find out which plan rates fit my budget?
Premiums, deductibles, and coverage can vary widely from plan to plan. At Insurance Direct 123, we can generate Medicare Part D quotes. We will help you begin the process. Let us make it much simpler to find the right insurance carrier for you. For more information, contact us today.
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