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There are many Medicare Plan D plans available, and it is not always easy to determine which plan is right for you. Selecting the correct plan can save you money, time, and frustration. Below, we have posted the answers to some of the frequently asked questions regarding this program.
If you have any additional questions that aren’t answered below, please don’t hesitate to contact us.
1. What is Medicare Part D?
Medicare Part D is an optional extension of your existing Medicare plan. This extension specifically covers prescription medications. These plans are regional, and may differ due to your location. You are only eligible to join a plan that is available in your area. Medicare works with private insurance companies to offer supplemental coverage for prescription drugs. Plans may vary drastically regarding deductibles, co-payments, and products covered.
2. What are the eligibility requirements for participation in the Medicare drug program?
In order to be eligible for Medicare Part D coverage, and individual must be:
- 65 years of age or older and entitled to receive Medicare benefits part A and part B.
- Under 65 years of age and disabled, as well as entitled to disability benefits under Social Security or Railroad board. Coverage starts in the 25th month of your disability benefit.
3. Is joining the Medicare Part D program mandatory?
No, it is not mandatory to join the program. In order to have Medicare pay for your prescription medication, you have to join a plan, but it is the patient’s choice. We encourage our customers to join the program, even if they do not currently use many prescription medications. As a patient’s age increases, the need for prescriptions may rise. The cost for these necessary medications could increase substantially in a short time.
4. When should I enroll in a Medicare Prescription program?
Individuals are encouraged to join a program when they first meet the eligibility requirements. If you miss the initial enrollment period, your next opportunity to enroll will be during the open enrollment period, which is between November 15th and December 31st. You may also be required to pay a penalty.
5. When am I able to change my Medicare Plan?
An individual is able to change their plan during the open enrollment period, which is between October 15th and December 31st of every year.
6. What does it mean to be in the coverage gap?
Most Medicare Prescription plans have a coverage gap, meaning there is a temporary limit on which products the plan will cover.Not every client will enter this coverage gap; it begins after you’ve spent a certain amount on covered drugs. For the 2016 year, once you and your plan have spent $3310 on covered drugs, you will be in the coverage gap. This amount is variable year to year, and the coverage gap amount varies between name brand and generic drugs. For generic drugs, only what you pay counts toward getting you out of the coverage gap.
Click on the View Plan Finder link below to compare Medicare Part D Plans to find which is right for you!