PART D PRESCRIPTION PLANS
Part D drug coverage with Original Medicare:
If you have chosen to stay with Original Medicare, which is the most common when you enroll in a Medicare Supplement plan, then you will have the option to sign up for a stand-alone Part D drug plan. The benefit of going this route is that you can pick your Drug Plan independently from your Medicare supplement plan. This allows you to find the insurance company that offers you the lowest price for your Medicare Supplement Plan and independently select the company that will cover your RX medications for the lowest price available. This flexibility could save you money.
Part D coverage with a Medicare Advantage Plan:
If you choose to take a Medicare Advantage Plan (Part C), then your prescription drug coverage will typically be built into the plan that you select. Medicare Advantage Plans look and feel very similar to the health insurance you may have had before you joined Medicare, where your hospital, doctor, and drug coverage was all provided by the same company.
How and when to enroll in a Part D plan:
You are eligible to enroll in a Medicare prescription drug plan if you have Part A and/or Part B of Medicare. Enrollment in Part D plans are limited to certain times when you have a valid enrollment period.
To learn more click on the link below:
https://www.medicare.gov/drug-coverage-part-d/how-to-get-prescription-drug-coverage.
Due to the Medicare Modernization Act of 2003 and the Income-Related Monthly Adjustment Amount (IRMAA),
Medicare Part B and Part D premiums are based on the Medicare enrollees (Modified Adjusted Gross) Income.
The chart below shows the premium adjustments for higher-income recipients:
Do not forget about Medicare’s Part D late enrollment penalty. Proof of Credible Coverage is required.
You should receive a letter of credible coverage from your employer stating you had credible prescription drug coverage.
For additional details concerning Part D click on the link below;