Medicare Prescription Drug Coverage is Part D of the Medicare plan. As the name suggests, it pertains to prescription medicines. If you have Medicare, you can buy insurance that will cover prescription drugs.
Medicare works hand and hand with insurance firms to provide policyholders the necessary benefits. One good thing, you can obtain Medicare regardless of your health problems, income, or the costs of your medicines.
When Is the Enrollment Date?
The first thing you need to do is apply for Medicare Advantage Plan. Once you qualify for it, you may transfer to Part D plan with a 5-star rating. It is available all year round.
If you want to sign up for other prescription drug plans, or you are new to Medicare, the enrollment time is between October 15 and December 7. There are special circumstances that allow you to get this prescription drug plan, for example, you switch coverage, you change residence, or drop your insurance policy.
As soon as you qualify for it, it is better to sign up for a Medicare prescription drug plan immediately. The cost may be higher if you are late for the enrollment period.
Medicare Part D and the Health Care Law
In 2010, President Barack Obama signed a health care law that is beneficial to Medicare patients and prescription drug plan holders, especially those who belong to the coverage gap.
The coverage gap (also called the dunot hole) is the time that requires you to pay for your own prescription medicines. The law indicates that:
- Patients will get a discount every time they purchase generic medicines and brand-name prescription drugs that are included in Medicare Part D. The discount increases over the years. But in 2020, the discount of generic medicines and brand-name drugs is fixed to 25%.
How Much Is the Cost of Part D Drug Plan?
The plan you choose and the drugs you use affect the cost of your Medicare Part D. It also changes if you have some assistance in paying this coverage. On the average, a Part D drug plan costs $39 a month. It offers a small co-payment for every single drug, and has a deductible of $320.
Medicare Prescription Drug Plans Are Different
Medicare is generally offered in private insurance companies. Therefore, the benefits and limitations of the drug plan depend on the insurer. The cost is different from one company to another. Some insurers provide coverage for specific drugs only, while other firms have a list of their own pharmacies as well.
Since the costs and benefits vary, make sure you select a Medicare plan that is suitable for your situation and needs. At Dave Silver Insurance, we work hard in making sure that our clients are well-protected with policies that they can afford. To learn more about how we can help you, please contact our agency at (813) 417-2716 or Click Here to request a free quote.