Demystifying Part D Prescription Plans – Our quick guide to helping you with your Prescription costs.
Welcome to our quick guide on Medicare Part D plans, the prescription drug coverage program under Medicare. In this concise blog, we will cover the basics, how it works, and key tips for choosing and optimizing your Part D plan.
- What is Medicare Part D? Medicare Part D plans are provided by private insurance companies approved by Medicare to help cover prescription drug costs. It can be a stand alone policy or Part D inside a Medicare Advantage Plan.
- How does Medicare Part D work? The stand alone plans – many have monthly premiums, most have a deductible, all have copayments when you pick up your medications. In the Medicare Advantage plans, you pay one premium, that includes your coverage for Part D.
- All Part D plans contain (4) stages – Annual Deductible, Initial Coverage, Coverage Gap or Donut Hole, and finally Catastrophic Coverage.
- Choosing the right Part D plan – The critical part of selection is completing an analysis on your current medications. We do this for you and it should be done each and every year! Why? The plans change on an annual basis.