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The Basics On Medicare Part D

Winding through the maze of Medicare in Rockford, IL can be frustrating and confusing with all the different “parts” to choose from and the details of what each part covers. If you have been researching your Medicare options and came across information on Part D, but you’re not exactly sure what it covers and how it works, here is some basic information about the program.

Medicare Part D refers to the prescription drug coverage offered to individuals over the age of 65, as well as individuals on Social Security Disability, and other special cases. In order to get the coverage, you must enroll in Part D by joining a plan run by a private insurance company. If you are on original Medicare in Rockford, IL (Part A and Part B) or other similar programs, you can enroll in a Part D plan, or if you have a Medicare Advantage Plan you can get Parts A and B as well as coverage for Part D.

You can only enroll in Medicare Part D plans when you first become eligible for Medicare (your initial enrollment), during open enrollment period at a certain time each year, or under special circumstances at a time other than the enrollment period.

The costs of this type of Medicare in Rockford, IL vary depending on the insurance company you are working with, the medications you are taking, whether your pharmacy is in the plan’s network, and whether you are eligible for extra help in paying for prescription costs. You will generally pay a monthly premium, an annual deductible, and co payments or coinsurance (or both in some cases).

You may have also heard of the “donut hole,” or the gap in coverage for Part D plans. Not everyone will experience this gap, but in some cases if your prescription costs exceed a certain limit, Medicare will only cover a portion of the costs of future prescriptions until you reach the next level required for “catastrophic coverage,” at which point you will return to paying only a small coinsurance or co payment for the remainder of the year. To avoid this “donut hole” you can:

1. Choose generic drugs or lower cost medications whenever possible
2. Work with a pharmaceutical assistance program where available
3. Apply for extra help if you meet income eligibility requirements
4. Work with charitable organizations that provide assistance
5. Choose a Part D plan that has additional gap coverage

 

 

Identifying which prescription drug coverage is right for you when it comes to Medicare policies is important—you want the best coverage for your individual situation, and at the lowest possible price. If you have questions about Medicare Part D coverage, talk to an insurance professional who can help.

When you are ready to enroll in Medicare in Rockford, IL, talk to an insurance professional who can help you identify the right Medicare in Rockford, IL policy and coverage for you.

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