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Medicare Prescription Drug Coverage
This article discusses Medicare Part D plans . It will discuss the reason for the plan, who provides the coverage and a little bit about the costs.
Medicare Part D covers prescriptions. It is drug coverage for Medicare recipients. These plans are not provided by the government. Instead, private insurers provide Medicare Part D plans. If you are a Medicare recipient, then Medicare D is available to you.
You are a Medicare recipient if you have enrolled in either Medicare Part A, or Part B or both. Or, if you are in Part C, you may also receive Medicare Part D. However, if you already have prescription coverage in a Part C plan, you cannot enroll in a Part D plan.
The Medicare part D plans are regulated. They must provide a standard level of care. The costs are not regulated and vary by Medicare drug plan. The costs associated with a Part D plan are the monthly premium, 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 are eligible. If you wait to enroll, you will end up paying higher premiums.
Medicare Part D premiums vary widely from plan to plan. Part D fees are separate from Part B fees. Both need to be paid. In the case of Medicare C, it may not seem like you are paying an additional cost. Actually, the part D premium is buried in the part C premium.
Each year you must pay a certain amount for your prescriptions before coverage begins. This is called the yearly deductible. Some plans may have no yearly deductible, but they have higher premiums.
When you are at the pharmacy, you may be asked to pay for part of the prescription. This is known as co-pay or co-insurance.
At some point you coverage ends during the year. This is known as the coverage gap. This occurs when you hit a preset dollar limit. When you reach this point, you must pay out-of-pocket until you reach another yearly limit. Then, the plan pays again.
To recap, Medicare D plans provide prescription drug coverage. Private insurance companies, who provide the plans, must be government approved. If you have Medicare you can get Medicare D. The costs vary among plans. Be sure to compare the total cost including monthly premiums, annual deductibles and co-pays.
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