Medicare Part D: What Is It and How Do I Get It?


With Medicare Part D coverage, paying for prescription medications doesn’t have to be a financial burden on your family. The cost of many medicines can be astronomical without insurance, which could risk your ability to stay healthy.

When you qualify for Medicare coverage with Part A or Part B, you are also qualified for drug coverage, known as Part D. Regardless of how you received your prescription medicine prior to eligibility, you can now get them through a Part D plan.

Anyone on Medicare, regardless of income or current health is eligible — no physical exams are required. Medicare drug coverage is only available through private plans.

Two Types of Part D Plans

There are two ways to join Medicare Part D: via a stand-alone plan (a prescription drug plan, or PDP) or through a Medicare Advantage plan (MA-PD).

A stand-alone PDP can be paired with your Original Medicare coverage, which includes Part A and B

Medicare Advantage providers work with Medicare to pay a fixed amount for your benefits. The most common types are Health Maintenance Organizations (HMO) and Preferred Provider Organizations (PPO). Part D is typically included in an Advantage plan.

What to Consider When Enrolling in Medicare Part D

Whether you currently take prescription medicine or not, it's important to have coverage to help pay for the costs of expected — or unexpected — prescriptions. Here are some things to consider when you decide to enroll in Part D:

  • Choose a company that offers plans in your area. You may need to contact pharmacies in your area to see what plans are covered.
  • Make sure you enroll during specific annual enrollment periods to ensure your coverage begins when you need it.
  • Look at all of the costs associated with a plan. It doesn’t stop at the premium. It also depends on what medications you take and if they are covered, as well as any coverage restrictions in place.

With so many companies and plans available, it can feel impossible to juggle all of this and more when looking for the right Part D plan.

Let us take the guesswork out of finding coverage. HealthMarkets can find and compare Medicare Part D plans and prices in your area. Our knowledgeable agents are skilled in finding options that fit your unique needs. Best of all, our service is free.

Call to speak with a licensed agent today at (800) 827-9990 to start your road to getting covered.

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Sources:

AARP: http://www.aarp.org/health/medicare-insurance/info-11-2009/how_medicare-part_d_drug_coverage_works.html
Medicare Interactive: http://www.medicareinteractive.org/page2.php?topic=counselor&page=script&script_id=1468

Medicare Interactive: http://www.medicareinteractive.org/page2.php?topic=counselor&page=script&script_id=1679
Medicare Interactive: http://www.medicareinteractive.org/page2.php?topic=counselor&page=script&script_id=256
Medicare Interactive: http://www.medicareinteractive.org/page2.php?topic=counselor&page=script&script_id=455

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