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. Each Part D plan has a different set of co-pays, formulary, deductible and contracted pharmacies.
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. You will need to enroll into a prescription plan if you want drug coverage.
You may enroll in a stand alone drug plan or a Medicare Advantage Prescription Plan during certain times of the year:
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