What is Prescription Drug Coverage?
Medicare Part D is offered through private insurance companies approved by Medicare. As with many other private healthcare insurance options, you are expected to pay a monthly premium, an annual deductible, a copay, coinsurance, and more. Those making 150% or below the federal poverty line can ask for assistance with paying premiums, deductibles, and copays through a subsidy.
What is covered by Part D?
While there are many Part D plans, all offer prescription drug coverage. Typically the plans come with a list of prescription drugs they will cover. These drugs will be split into different tiers, with lower-tiered covered drugs costing less than higher-tier covered drugs. Many plans even offer $0 copays for generic drugs. When you call us, it’s important for you to have your list of prescription drugs ready. That way we can help you find the plan that provides you the best coverage.
The coverage for Prescription Drug Plans varies depending on the provider and your location. This is why working with a company like Prime Senior Benefits is beneficial. We represent many carriers, so we can guide you to find a plan right for your budget and needs.
How do you enroll in Part D?
There are two main methods to enroll in Medicare Part D.
The first option is to purchase Medicare Part D as a stand-alone plan. These plans are often referred to as PDP plans or Prescription Drug Plans. These insurance plans will not offer hospital or medical coverage, so the beneficiary must be enrolled in Original Medicare Part A & B to receive that coverage.
The second option is to bundle it into a Medicare Advantage Plan (or Medicare Part C). The benefits of this option are that, in most cases, you will not be paying an extra premium for Part D, as you would with the first option.
We'll help you find a plan that best fits your needs.
Selecting a Medicare Part D Plan can be daunting and stressful. The easiest way to find a coverage plan that suits your needs and budget is through an independent insurance agency. At Prime Senior Benefits, we offer assistance in determining the best plan for you for the best price. We partner with and sell policies from numerous reputable insurance companies, and using our services is completely free.
Medicare Advantage
Also referred to as Part C, private insurance companies contracted with Medicare offer these plans. They provide all of your Part A and B benefits.
Medicare Supplements
Also known as Medigap, Medicare Supplements help pay the leftover 20% that Parts A and B don’t cover. They essentially "cover the gap".
Prescription Drug Plans
Also known as Part D, this is an optional benefit that covers your prescription drugs. It is offered to everyone who has Medicare.
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