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What is Medicare Part D?Medicare Part D is prescription drug coverage for outpatient medications. It is provided through private insurance companies that are contracted with the federal government.
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How do Medicare Part D plans work?Insurance companies offering Part D plans must provide at least the standard level of coverage (cost to enrollees, drug categories) set by Medicare each year.
However, plan designs vary in terms of premiums, deductibles, copays, pharmacy networks, and specific drugs covered. Part D plans have four levels of coverage: Annual Deductible, Initial Coverage, Coverage Gap, and Catastrophic Coverage. How many of those levels you experience during a calendar year depends on your drug costs. |
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What are my coverage options?Medicare Part D coverage is offered through stand-alone plans (PDPs) or is included in Medicare Advantage coverage in MAPD plans.
Whether you are interested in a stand-alone PDP or an MAPD, the first step in determining the best drug coverage for you is to find out how your current prescription medications would be covered under the plans available in your zip code. To get started comparing available plans, click the box below or call 877-312-1414 to have a licensed broker prepare a plan comparison for you! |
Compare Medicare Part D Plans
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How do I enroll in a Medicare Part D plan?Most Medicare Part D plans are not open to new enrollments year round. There are specific times and circumstances that allow you to enroll.
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What About......?the Part D Late Enrollment Penalty?
This amount is added by Medicare to your Part D premium if you have 63 or more consecutive days without Part D or creditable coverage in place after the end of your IEP (generally, 4 months after your 65th birthday). The penalty is 1% of the national base beneficiary premium multiplied by the number of months you did not have creditable coverage. This amount is added to your monthly premium every month for as long as you are enrolled in a Part D plan. the Coverage Gap/Donut Hole?
You will not pay all drug costs out-of-pocket in the Coverage Gap or Donut Hole, should you reach this level of coverage. The Part D plans cover at least 5% of your brand-name medication costs, and the drug manufacturers provide a 70% discount, leaving you with 25% of the cost. For generics, Medicare covers 75%, again leaving the cost to you at 25%. IRMAA (Income-Related Monthly Adjustment Amount)?
Some Medicare beneficiaries pay higher Part D premiums based on their income. If you are required to pay this amount, Social Security will send you a letter explaining the charge. |
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