What is Part D?
Medicare Part D is a prescription drug coverage program offered by private insurance companies approved by Medicare. It is designed to help Medicare beneficiaries afford the cost of prescription medications. Medicare Part D plans are available either as standalone plans, where prescription drug coverage is separate from other Medicare benefits, or as part of a Medicare Advantage plan that includes both healthcare and prescription drug coverage.
To enroll in a Medicare Part D plan, you must be eligible for Medicare and actively enrolled in either Medicare Part A or Part B. Part D plans have a monthly premium that you pay in addition to any premium you may have for your Medicare Part B coverage.
Each Part D plan has its own list of covered medications, known as a formulary. It’s important to review a plan’s formulary to ensure the medications you need are covered. Part D plans may also have different copayments, deductibles, and coverage stages that determine how much you pay for your medications at different points throughout the year.
How to Add or Change Part D Plans
Here’s an overview of what is needed to either add Part D Medicare, you would need to make sure you have an election period, be enrolled in Medicare Part A and/or Part B, and reside in the plan service area.
Typically, you should add Part D during your Initial enrollment period for Medicare, which is the same as the enrollment period for Medicare Parts A and B, which starts three months before turning 65 and ends three months after. However, there are also other enrollment periods such as the annual election period, between October 15th to December 7th.
Let Us Help You with Your Part D Enrollment
Our office can help research and compare plans or direct you to Medicare’s website to compare the costs, coverage, and specific drugs covered by each plan. We help you understand all the factors such as monthly premiums, deductible, copayments, and which pharmacies are in-network.