Medicare Part D offers prescription drug coverage and is optional but is beneficial for people with chronic medical conditions or those who must take several prescriptions for their health. Part D is a private and government regulated prescription drug plan that works with Original Medicare.
How to Qualify
To qualify for Part D, you must enroll in Medicare once you become eligible. There are various types of Part D plans, each with its deductibles, copayments, and coinsurance rates. Some beneficiaries enroll in a standalone plan while some register through a Medicare Advantage plan that includes Part D.
It is better to register for Part D prescription drug coverage during your Initial Enrollment Period as you may need future coverage. For Medicare beneficiaries with limited income, the government provides assistance with Part D payments, such as the Part D Extra Help Program.
There are a few circumstances where it may not be necessary to get Medicare Part D. For example, if you have a Medicare Advantage policy that includes prescription drug coverage, then it is not advisable to get a separate Part D plan. Also, suppose you have healthcare coverage from PACE, TRICARE, and VA. In that case, you may not need to enroll for Medicare Part D. You can stick with the prescription coverage offered by those plans until you need to enroll in Medicare.
If you need coverage for brand-name or generic prescription drugs that are related to your health condition, then it is advisable to enroll for Part D during your Initial Enrollment Period. If you find that your Part D plan does not offer the coverage you hoped you would receive, take note of the Annual Enrollment Period from October 15 to December 7. During this period, you can review other Part D plans and enroll for a suitable plan.
Costs to Consider
Part D offers coverage for drugs that have been approved by the FDA. Generic medications usually have lower copayments, while specialty and brand-name drugs have higher copayments. Each of these prescriptions will be categorized into a specific tier by the Part D plan—the lower the tier, the lower the cost.
To learn more about Part D plans and how they may benefit you, reach out to Meservey & Associates.
