Medicare Part D
After hitting 65 years, you may be eligible for Original Medicare. But you might notice that the two parts won’t be enough for your medications, even when you have both hospital inpatient and outpatient. And that’s reason enough to find a far much better solution.
Also known as the Medicare prescription drug benefit, Medicare Part D is a federal government-backed program founded to subsidize the cost of prescription drugs. It serves as an outpatient prescription drug insurance premiums plan for Medicare beneficiaries that are only available through private firms. As such, it’s only applicable to anyone with both Part A and Part B and needs drug coverage regardless of how much they’re earning.
Medicare Part B naturally covers prescription drugs offered in an outpatient setting where there are no physical examinations and no denial of medicines for any reason whatsoever. Of course, the medication provided there are just the quintessential brands only. But, if you would like to get better services, make sure that you have your Medicare Part D.
Medicare Part D Cost
It’s important to acknowledge the fact that the real cost of Medicare Part D prescription drug coverage varies significantly. It depends on:
● Your prescriptions and how often you take them.
● What you settle for between stand-alone Medicare Part D Prescription Drug Plan and Medicare Advantage Prescription Drug plan.
● The facility you choose to visit within your locality.
● If the drugs you choose is in the list of Medicare Part D plan’s formulary.
● If you can get some help as you meet the Medicare Part D Costs.
And, in addition to the regular premium payments, the costs may include the annual deductible and the amounts in copayment or coinsurance.
Types of Medicare Part D Prescription Drug Plans
Depending on whether you are enrolled in Medicare Part D or Original Medicare, you can get the outpatient prescription drug. Medicare Part D coverage is only available as:
1. A stand-alone Medicare Part D Prescription Drug Plan, or.
2. A Medicare Advantage Prescription Drug plan.
Eligibility and Enrollment
To be eligible for Medicare Part D, you must be:
● Living in an area where Medicare Part D Prescription Drug Plan provider
● Aren’t suffering from an end-stage renal disease (in most cases).
● And, have Part A and/or Part B.
Concerning enrollment, there’s the Initial Enrollment Period that starts three months before clocking 65 years or three months before the 25th month of getting disability benefits. The Annual Election Period grants people a chance to sign up for it, switch between the various Medicare plans or just disenroll from it altogether. And it happens between October 15 and December 7 every year.
Medicare Advantage Disenrollment Period that runs from January 1 to February 14 every year offers a chance to disenroll from the plan and return to the normal one. Finally, the Special Election Period applies to selected persons and moving out of the service area among other reasons. It doesn’t affect everyone, however.