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What Does Medicare Part D Entail

What Does Medicare Part D Entail
Written by Kiranmaireddy

When you log onto www.Medicareadvantageplans2020.org, you will learn more in regard to medicare part D. To choose the right Medicare plan is the best just you can do to yourself. With various options in the market, copays, deductible and premiums, it might be frustrating to figure out which one is the best for you.

Medicare refers to the government sponsored health insurance plan for those who are over 65 years in the USA. It comprises of several parts that cover various medical and health costs. Medicare part D is also referred to as the prescription drug plan coverage which comes in handy to fill the gap left by parts A and B.

Even though 80% of the medication is paid by the federal government for part D, the individuals who are covered still have to pay copays, premiums and deductibles. Rates and coverages might vary from one company to the next depending on the plan which you settle for. You have to scrutinize the options available before settling for a Part D Medicare plan.

The following are things about Part D plan which you need to know:

  • It covers prescription drugs as long as you qualify for Medicare
  • You have to be enrolled first for either Part A or B or both in order to be eligible.
  • It is a coverage which is optional
  • If you want to enroll for it, you should do so between October 15 and December 7 of every year. It is not an automatic coverage and thus, late payment penalties apply.
  • There is assistance from the state during the enrollment
  • The medicines which are covered are as per individual plan formularies.
  • Enrollment only happens during certain times within the year.

Why Should You Go For The Medicare Part D

It is expensive to purchase prescription drugs and the cost keeps rising. So if you are turning 65 years, and are on Medicare, then getting part D should be the option that will help in ensuring that you cover for the prescription medicines.

Will You Pay For Penalties If You Enroll Late?

Although the Part D plan is optional, if you decide that you are not going to sign up for it you might have to pay penalties for joining it later. Even if you are not going to take any medications now, for a low premium plan, it is necessary that you sign up for it to avoid penalties. It is possible to change plans later with a change in needs during the open enrollment that happens on a yearly basis.

If when you are first eligible when you turn 65 years you don’t enroll and you don’t have any other medical cover, there is a 1% penalty which is normally calculated and added to your individual premiums for the number of months you stayed without signing up. The extra payment is usually added to your premiums with your Medicare.

There are a variety of options for covering your medication apart from part D but you have to ensure that, whatever cover, it is, it should provide the basic coverage that part D gives out.

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