Medicare Part D is also referred to as the Medicare prescription drug benefit. Even though these drug plans are purchased from private insurance companies such as Silverscript, United or Humana, it’s actually a federal program that subsidizes the cost of those prescription drugs as well as the prescription plan monthly premium. It was placed into law when the Medicare Modernization Act was passed in 2003.
Individuals on Medicare are eligible for prescription drug coverage or Medicare Part D but must be signed up for Medicare Part A and/or Part B. It’s important to know that drug plans differ in a number of ways. The monthly premium can vary from one drug plan to the next, monthly co-pays for medications can vary quite a bit and which drugs are actually covered can vary from one plan to the next.
Some Common Questions About Medicare Part D Prescription Drug Coverage:
- When Should I Enroll in a Medicare Part D Prescription Drug Plan
- How Do I Join a Medicare Part D Prescription Drug Plan
- What is the Medicare Part D Donut Hole
- Do I Really Need Medicare Part D Prescription Drug Coverage?
- Can I Sign Up for Medicare Part D When I Need Coverage?
- What is the Late Enrollment Penalty for Medicare Part D
- Are Medicare Part D Prescription Drug Plan Premiums Adjusted for Income
Medicare Part D Special Enrollment Periods
You can make changes to your Medicare prescription drug coverage when certain events happen in your life, like if you move or if you lose other insurance coverage. This is referred to as a special enrollment period, also called a SEP. Common reasons for a special enrollment period include: Changing where you live; (it does have to be a different service area such as moving to a new state). Losing employer sponsored group coverage is another very common SEP.
There is also help for those who have extraordinarily expensive drugs. Check the resource page on this website for links to non-profit organizations that help those with high cost medications.
For more information on how Florida Medicare Supplement Insurance can help with your Medicare Part D prescription drug plan needs call Neil Primack (561) 935-3907 or email him at: firstname.lastname@example.org.