Medicare Part D enrollment takes place each year during the annual open enrollment period. During this time, you can maximize your savings by choosing the Medicare Part D plan to fit your needs. These plans help make your medicines more affordable, and there are a variety of options available.
Medicare Part D plans are available through a number of different insurance providers. If you are enrolled in Medicare Part A or B, you will also need prescription drug coverage through a Part D plan. A Part D plan is sometimes called a “PDP,” or prescription drug plan.
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Medicare Part D plans are offered through private insurance companies that have been approved by Medicare. Each plan may differ slightly, covering different drugs and having different costs. With so many options available, you may be wondering how to find the right one.
Here is what you need to know about choosing a Medicare Part D plan:
- Anyone who is eligible for Medicare Part A and/or enrolled in Part B can choose a Part D plan.
- If you already have prescription drug coverage through your employer or a union, you may not have to enroll in Medicare Part D. But, the plan must be expected to pay at least as much as Medicare would pay. This is known as "creditable drug coverage." Your employer or union will have to tell you if your plan is "creditable."
- You must enroll in your Medicare Part D plan when you first become eligible for Medicare or during the annual enrollment period if you already have drug coverage.
- If you do not enroll in Part D and do not have other coverage, you may pay a late enrollment fee.
- Some Medicare Advantage Plans (Part C) include prescription drug coverage. If you are enrolled in Part C, check to see if you already have drug coverage.
Choosing the right Medicare prescription drug plan is a big decision that could take hours of research. Let HealthMarkets do the legwork for you. Call us 24/7 at (800) 360-1402 at no cost to you to speak with a licensed agent to discuss choosing a plan.