Medicare Part D is a prescription drug coverage provided by private companies. Medicare Part D coverage helps Medicare participants pay for prescription drugs that are not covered by Original Medicare Parts A and B. Part D is available to anyone enrolled in Original Medicare. You need to enroll in Medicare Part D separately from Parts A and B. Medicare Part D plans have monthly premiums. Your annual cost depend on the plan you choose on how many drugs you take or on what types of deductible and co-payments are associated with the plan you choose. If you don’t join a Medicare Part D prescription drug plan or a Medicare Advantage plan that includes prescription drug coverage as you become eligible you may bear a late enrollment penalty that penalty is currently 1% of the national base premium for every month that you did not have creditable prescription drug coverage this penalty would be added to your Part B premium once you enroll. If you have creditable prescription drug coverage from another source like a spouse’s private health insurance plan or a plan from your employer you’ll typically avoid this penalty. if you’re a senior don’t go more than 63 days in a row without a Medicare prescription drug plan or other creditable coverage in collusion most seniors choose to structure their Medicare choices in one of three ways the first way is Original Medicare Parts A and B plus Medicare Part D prescription drug coverage the second way is Medicare Advantage or Medicare Part C.
5 Quick tips to Choose Medicare Drugs Coverage Plan
If you’re looking to choose a suitable Medicare drug plan so the best way is to start by analyzing your priorities. See if this applies to you:
I take specific medications
Look at the drug plans that include your prescription drugs on your list of covered drugs (a list of prescription drugs covered by a drug plan). Then, compare costs.
I want extra protection against high prescription drug costs.
Look at the drug plans that offer coverage in the period without coverage and then check with the plans to make sure they cover your drugs in the period without coverage.
I want my medication expenses to be balanced throughout the year.
Look at drug plans with or without a low deductible , or with additional coverage in the period without coverage .
I take many prescription medications.
Look at Medicare drug plans with ” levels “, they don’t charge you anything or with very low copayments for generic prescription drugs.
I don’t have many medication expenses, but I want coverage for my peace of mind and to avoid future penalties.
Look at Medicare drug plans with a low monthly premium for drug coverage. If you need prescription drugs in the future, all plans must still cover most of the medications that people with Medicare use.