Medicare Part D
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Medicare Part DPrescription Drugs
Take Your Medicine
Medicare Part D
deals with your pre-scription medications. Part D plans are offered by private insurance companies and must adhere to strict coverage guidelines as specified by Medicare.
The optimal time to enroll in Medicare Part D is during your 7 month Initial Enrollment Period (IEP). If you miss it, you will be assessed a Late Enrollment Penalty when you do finally enroll.
Part D premiums can very from plan to plan. To enroll in a Part D plan, you go to a page in Medicare.gov and enter a list of all your current medications, the dosages and frequency. You have the option of selecting your pharmacy and how you want to receive your prescrip-tions (pick up or mail).
You are then presented with a list of Part D plans that supply the medication on your list. There are multiple plans to choose from and it is necessary to view the details of each plan to verify the conditions or exceptions. The process is not rocket science but, it's not a walk in the park either. There is an easier way. Let Baren Associates help you choose the plan that best fits you.
The Costs
A Medicare Part D plan has a monthly premium attached. The amount varies from $25 to over $100 per month. The current monthly average premium is around $32.50 per month. There is also a yearly deductible of $435.
In addition, there is a possible Income Related Monthly Adjustment Amount
(IRMAA) due. Depending on your income, you could pay from $12.20 per month to $76.40 per month in addition to your Part D monthly premiums.
Other Times to Enroll in Part D
You can delay enrolling in Part D if you are working and covered by a group healthcare plan at your job. When you are no longer covered by your plan you have a Special Enrollment Period
that gives you a 63 day window to enroll in a Part D plan without incurring a Late Enrollment Penalty.
If you miss your initial Enrollment Period, there is an Open Enrollment Period
that occurs each year between October 15th and December 7th. If you first enroll in a Part D plan at this time, you will incur a Late Enrollment Penalty. However, if you are already have a Part D plan you can switch Part D plans during Open Enrollment if you like.
https://www.medicare.gov/find-a-plan/questions/home.aspx
The Complete Package
Original Medicare Part A and Part B will cover your hospital expenses and your medical expenses. With the addition of Part D, your prescriptions will also be covered. Finally, a Medigap Plan will bridge the "gap" in coverage and complete the package. Let Baren Associates
assist you in choosing the best Medigap Plan for you needs.
Part D Limitations
Like other parts of Medicare, Part D does not cover all of your prescription costs. There are 4 Tiers of medications with various co-pays. There is also a yearly limit (currently $4,020) that affects the plan. The medication expenses from $4,021 to $6,350 will have increased co-pays.
However, after you reach $6,351 for the year, Medicare Part D will kick back in with your co-pays greatly reduced. The gap in Part D coverage is known as the Donut Hole.