Medicare Part D is the prescription drug coverage option offered through this federal health insurance program. With this coverage, you can get financial assistance to purchase prescription drugs prescribed to you by your doctor. There are different types of Medicare Part D plans available, which can vary by cost and the type of prescriptions drugs that are covered. The plan options you are eligible for can depend on your location and the type of Medicare coverage you currently have.

It is important to learn about the Medicare donut hole before you assume your specific prescription drugs will be covered. This term refers to coverage gaps and other costs associated with this type of plan. It is also important to know when and how to enroll in this program so you can avoid a late enrollment penalty. Find out more about Medicare Part D enrollment below, including the costs you can expect to pay and how to compare plans.

How do I find Medicare Part D plans?

You can find Medicare-approved prescription drug plans through a private company, such as EnvisonRxPlus, through Medicare itself or through other reliable health insurance resources. When searching for a Part D plan, it is important to know whether you already have current insurance that covers prescription drugs. If so, you may not be eligible for a Medicare plan. In addition to this, you should review the types of prescription drugs that are covered by the specific plan you are interested in before enrolling.

If you are wondering “What is Medicare Part D?” keep in mind, this is an optional Medicare coverage. When you apply for Medicare coverage and are approved for this insurance, you are enrolled to receive Part A and Part B benefits. However, Part D coverage is optional, so you are not automatically enrolled to receive it. If you want prescription drug coverage, you must select it separately through Medicare or a Medicare-approved private company.

For example, AARP Part D coverage is a popular option. However, if you are enrolled in a Medicare Advantage plan, you may have prescription drug coverage already. You must review your current health insurance policy before shopping around for Part D coverage through AARP MedicareRX plans, additional private insurance plans, or through Medicare’s own prescription drug plans.

How much is the Medicare Part D premium?

The Medicare Part D cost can vary, depending on the exact plan you choose. In addition to paying the monthly premium for the Part D plan, you may also be required to pay copayments or coinsurance when you attempt to purchase prescription drugs using this coverage.

Whether you utilize a Medicare Part D plan finder or you look for a Medicare-approved plan on your own, make sure to review the coverage regulations and covered drugs before enrolling. Even if the prescription drug that you need is on the list of the plan’s covered drugs, it is also important to find out which tier the plan considers that specific drug. Some tiers may require higher copayments or coinsurance than others.

Additionally, there may be a coverage gap, also called a Medicare donut hole, which is associated with the plan in question. This means that after you spend a certain amount of money on prescription drugs through your Medicare Part D plan, you must pay for the rest of your prescription drugs out of pocket for the rest of the year, up to a certain limit. Once you reach that second limit, the plan is back in force and coverage is provided for any additional prescription drug purchases. With this in mind, it is important to analyze exactly how much you will pay for your prescription drugs. This amount can be affected by:

• The type of drugs you are prescribed, including whether they are generic and the tier they fall into.
• The type of plan you choose, and whether it is through Medicare or a private insurance company that is approved by Medicare.
• Where you go to obtain your prescription drugs, and whether the pharmacy is in your network.

Medicare Part D plans may also require you to pay coinsurance or copayments each time you use coverage, meet a yearly deductible and pay extra costs associated with late enrollment. Additionally, the premium you are offered may be dependent upon the monthly income you currently earn. This means households with higher incomes may be offered plans with higher premiums. Find out more about the cost of Medicare coverage when you download out complete Medicare guide.

How do I complete Medicare Part D enrollment?

If you do not complete your enrollment during the Medicare Part D enrollment period but you still want coverage, you may be responsible for paying a late enrollment penalty. Moreover, this penalty may apply to your insurance premium during the entire period that you receive coverage. You can generally avoid this late enrollment penalty if you get extra help from another source, or you already have prescription drug coverage through a Medicare-approved provider.

You can look at private companies like EnvisionRxPlus prescription drug plans or consider other Medicare-approved companies to find plans that meet your needs. Alternately, you can use Medicare as a source for finding prescription drug coverage during the enrollment period. Once you have found a Medicare Part D plan that works for you, you can enroll in the plan through the company that provides it or through the Medicare site. You may also have the option to enroll in your plan by phone or by filling out a paper application.

It is important to note that if you enroll in a Medicare Part D plan but your current Medicare Advantage plan already has prescription drug coverage, you will be disenrolled from your plan. If this is the case, you will be placed back into Original Medicare coverage. If you are enrolled in a Medicare Advantage plan, you must review the coverage on your plan to ensure there is no prescription drug coverage before attempting to obtain Part D coverage.

If you currently have Medicare Parts A and B, you can still only shop for Medicare Part D plans that are approved by Medicare and available in your area. To learn more about the different types of Medicare coverage available, download our comprehensive Medicare assistance guide.