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What is Part D?

Medicare Part D is prescription coverage available through private insurance companies that are contracted by Medicare. Costs and availability may differ between Medicare plans, insurance companies, and location. Part D coverage is insurance only for your medications. You pay a monthly premium to an insurance carrier for your Part D plan. In return, you use the insurance carrier’s network of pharmacies to purchase your prescription medications. Depending on your plan, you may have a deductible, co-pays or you may pay a percentage of the drug’s cost.

Many Medicare Advantage Plans may include Part D coverage so you will not need to enroll into a separate drug plan if that is case. However, if you are enrolled into a Medicare Supplement (also known as Medigap) then you do not have Part D coverage.

If you are enrolled into Medicare Part A and Part B and you also live in a service area that offers prescription drug coverage then you will be eligible for Part D coverage. You may enroll in a stand alone drug plan or a Medicare Advantage Prescription Plan during certain times of the year:

Initial Enrollment Period for Part D (IEP for Part D)
Annual Election Period (October 15 to December 7)
Medicare Advantage Disenrollment Period (January 1 to February 14)
Special Election Period

How does Medicare Part D work? There are 4 stages to a Part D drug plan, as follows:

Annual Deductible
Initial Coverage
The Coverage Gap
Catastrophic Coverage

It is important to remember that Part D plans may change from year to year. So your plans deductible, co-pays, pharmacies and formularies may change. It is advised to review your drug plan each year. Should you choose to change your Part D plan, Medicare offers an annual election period from October 15th through December 7th each year.

Choosing the right Part D plan can be overwhelming and confusing. Here at Blue Compass Solutions we will do a Part D drug plan analysis at completely no charge. We will request your full list of medications so we can shop around the various drug plans. We’ll help you identify which plan gives you the lowest annual spending. If any rules apply to any of your medications, we can often spot that ahead of time. This gives you time to discuss your options with your doctor. Please call us for a free analysis at (844) 817-0878

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