Prescription Drug Coverage (Part D)

2 ways to get Part-D Drug Coverage

Everyone takes different prescription medication, dosage, some more frequent than others. How do you know which Part D Drug Plan to enroll in? With our quoting tools, we will show you the bottom line. Which plan covers your drugs the best.

(MAPD) MEDICARE ADVANTAGE PRESCRIPTION DRUG PLAN

Most Medicare Advantage Plans will have Part D included . Not all plans cover drugs the same. Some cover certain medications better than others. On one plan you could have $5,000 worth of annual prescription copays, while on another you could only have $1,500. We keep it simple and show you the bottom line, which plan/carrier covers your medications the best. Being cost effective goes a long way in saving you money.

(PDP) Stand Alone Prescription Drug Plan

If you take out a Medicare Supplement Plan, you will need a seperate stand alone drug plan in addition. How do you know which Part-D plan to get? Give us a list of the Prescriptions you take including dosage and frequency, and we'll identify the best drug plan for you in your zip code based on your prescription list.

Annual Policy Reviews

It's important to review your drug coverage each year during the Annual Election --(October 15th - December 7th)

-The reasons listed below are why it's important to review each year

You could be taking new medication we haven't accounted for
Your drug coverage is changing, and your current medications will be covered differently the following year
Changes in legislation/CMS regulation

Utilize Good Rx

Show the Pharmacist your GoodRx card when picking up medications, and ask if there's a Good Rx Discount.

Ask about a Manufacturers discount on your drug. To do this you must go directly through the manufacturer of the drug, not the insurance carrier.

medicare part d- IRMAA

The Costs of Medicare Part D

Since Part D plans are offered by private insurance carriers, there is no one standard premium. Instead, the premium will depend on the plan’s carrier and coverage. Most Medicare Advantage plans also offer prescription drug coverage as part of the plan, so individuals enrolled in one of those plans will not have a separate premium for Part D.

The total cost for Part D will depend on the following factors:

The plan’s specific premium and deductible
If the prescription drug coverage is a stand-alone Part D plan or as part of a Medicare Advantage Drug Plan (MAPD)
If the individual receives financial assistance from the Extra Help program
The medications each individual takes and how often they are refilled
The pharmacy used
If the medication is covered under the plan’s drug formulary

-Ask us to find out what IRMAA Bracket you fall into.

The five prescription drug tiers:

Preferred generics
Generics
Preferred brands
Non-preferred drugs
Specialty drugs

Make Late Part D Premium Payments

Medicare has its own rules on late and missed payments, but it is ultimately up to an individual’s plan on how to proceed with late payments.

According to the rules set by the Medicare program, if an individual is late in paying a premium, they can still receive coverage without a penalty. They are also granted a grace period along with warnings and notifications about the late or missed payments. Medicare will send the beneficiary a letter by mail instructing them to contact their plan’s carrier about the payment.

No matter the carrier, individuals must be notified before the carrier drops them from the plan. Grace periods must be allowed for a minimum of two months, but some plans offer an extended grace period. The grace period will begin on the first day after the payment is due.

Part D Disenrollment

Plans with a Single Grace Period may disenroll individuals who miss one or more premium payments during that grace period. The individual will be dropped from coverage at the end of the timeframe that was allotted.

Plans that have a Rollover Grace Period allow their members to stay enrolled if they owe more than one month’s premium but pay for at least one premium during the grace period. If this occurs, a new grace period will begin. However, if no payment is made, the carrier may disenroll the individual from the plan.

Insurance companies will send notifications to members who have failed to pay their premiums but will disenroll any member who fails to make a payment during the grace period.

Once an individual has been disenrolled from a plan, they will have to submit an application for coverage.