What is Medicare Part D?
February 14, 2013
Looking for information on Medicare Part D?
Medicare Part D is prescription drug coverage that is offered by the Medicare program to all eligible Medicare beneficiaries. All individuals enrolled in Medicare are required to have credible prescription coverage through a stand-alone Medicare PDP, a Medicare Advantage Prescription Drug Plan, or other drug coverage as good as, or better than, standard Medicare Part D coverage .
Full Medicare Part D Video Transcript
Medicare Part D - Prescription Drug Coverage
Medicare Part D is a prescription drug coverage provided by private companies. Medicare Part D coverage helps Medicare recipients pay for prescription drugs that are not covered by Original Medicare, Parts A and B. Part D is available to anyone enrolled in Original Medicare. You need to enroll in Medicare Part D separately from Parts A and B.
Medicare Part D plans may have monthly premiums. Your annual costs depend on the plan you choose, on how many drugs you take, or on what types of deductible and co-payments are associated with the plan you choose.
If you don't join a Medicare Part D prescription drug plan or a Medicare Advantage plan that includes prescription drug coverage as soon as you become eligible, you may face a late enrollment penalty. That penalty is currently 1% of the national base premium for every month that you did not have creditable prescription drug coverage. This penalty would be added
to your Part D premium once you enroll.
If you have creditable prescription drug coverage from another source like a spouse's private health insurance plan or a plan from your employer, you'll typically avoid this penalty.
If you're a senior, don't go more than 63 days in a row without a Medicare prescription drug plan or other creditable coverage.
In conclusion, most choose to structure their Medicare choices in one of three ways. The first way is Original Medicare, Parts A and B, plus Medicare Part D, prescription drug coverage. The second way is Medicare Advantage, or Medicare Part C. Medicare Advantage provides all of your Part A and Part B coverage through a private company approved by Medicare. Medicare Advantage plans often include prescription drug coverage, Medicare Part D. The third way is Original Medicare, Parts A and B, plus Medicare Part D, prescription drug coverage, plus Medicare Supplements, or Medigap.
For more information about your Medicare coverage options, visit www.planprescriber.com .
Medicare Advantage Plans, sometimes called "Part C" or "MA Plans," are offered by private companies approved by Medicare and provide Medicare Part A and Part B coverage. Medicare prescription drug coverage is insurance run by an insurance company or other private company approved by Medicare. A Medicare Supplement plan is a health insurance plan provided by a private company that fills in the "gaps" in original Medicare coverage.
Medicare has neither reviewed nor endorsed this information.Source: www.planprescriber.com