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Medicare Prescription Drug Coverage
This article discusses Medicare Part D plans . It will cover what the plans are about, who provides the coverage, who can get it and some of the costs associated with it.
Medicare Part D covers prescriptions. It is drug coverage for people on Medicare. The government is not the provider these plans. Instead, private insurers administer Medicare Part D plans. If you are a Medicare recipient, then Medicare Part D is available to you.
If you have either, or both, Medicare Part A and Part B, you are a Medicare recipient. Alternatively, if you have enrolled in Part C, you may receive Medicare Part D. You might have drug coverage as part of Medicare Part C. If this is the case, you cannot enroll in a Part D plan.
All plans are required to provide a standard level of coverage mandated by Medicare. The costs are not regulated and vary from plan to plan. The costs associated with a Part D plan are the monthly fee, the yearly deductible, co-insurance or co-pay and the coverage gap.
It is beneficial to enroll in a Medicare drug plan as soon as you can. If you wait, it will cost you in terms of higher fees.
Medicare Part D monthly fees do vary from plan to plan. Part D fees are separate from Part B fees. Both must be paid. In the case of Medicare C, it may not seem like you are paying an additional cost. However, the part D premium is included in the part C premium.
The yearly deductible is the total amount you must pay for your prescriptions before your plan will ever pay. Some plans may have no yearly deductible, but they have higher premiums.
Co-payment is the amount you pay up front at the drugstore when you buy your prescription.
At some point you coverage stops during the year. This is known as the coverage gap. This happens when you hit a certain dollar limit. When you get to this point, you must pay out-of-pocket until you reach another yearly limit. Then, the plan begins paying again.
In summary, Medicare D plans cover prescription drugs. Private insurance companies, who provide the plans, must be government sanctioned. If you have Medicare , or are eligible for Medicare, you can get Medicare D. The costs are different among plans. Be sure to compare the total cost which include monthly premiums, annual deductibles and co-pays.
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