Medicare Part D prescription drug coverage

Is Medicare Part D Right For Me?

Medicare Part D provides prescription drug coverage for Medicare participants, whether it be as a stand-alone plan, or bundled into a Medicare Advantage Plan. Even if you are enrolled in a different prescription drug plan, you should weigh your options carefully. If you do not enroll during the Initial Enrollment Period, you could face late enrollment penalty fees. 

What Is Medicare Part D?

Medicare Part D is the prescription drug coverage part of the Medicare health insurance program. Medicare Part D can be a plan by itself, or it can bundle with a Medicare Advantage Plan. There are certain circumstances, such as being enrolled in a Medicare Medical Savings Account Plan or certain Private Fee-For-Service Plans, where you cannot bundle Medicare Part D and a Medicare Advantage Plan. These two examples are the only exceptions. If you enroll in a MA Plan that offers drug coverage, you won’t have to enroll in a Medicare Part D stand-alone plan. 

How Much Does Medicare Part D Cost?

The private companies who provide Medicare Part D plans set their prices for their deductibles, copayments, and premiums each year. As of 2021, a Part D plan can’t charge more than $445 for a deductible, but some plans may have a $0 deductible. 

How Is Medicare Part D Broken Down?

The company that provides you with your Medicare Part D coverage is required to cover certain prescription medications, such as those that help treat HIV/AIDS. They also have the option to choose which drugs they will list on their formulary, which is the list they create so you know what prescription drugs your plan will cover. Medicare Part D is divided into tiers, and each plan has five or six tiers, depending on the plan. Tiers one and two are typically the cheapest because they are generic drugs, but as you climb higher up the tier, the price of the drug increases due to its being a brand name drug and what it is used to treat. 

So, Is Medicare Part D Right For You? 

Even if you already have drug coverage through an employer or from somewhere else, it is still highly recommended that you enroll in a Medicare Part D Plan during the Initial Enrollment Period to ensure that you do not lose coverage for your medications. If you enroll during this time, you also avoid any late enrollment penalties as well. 

To learn more about your Part D prescription drug coverage options, give us a call today!