Medicare Part D is a federal program to subsidize the cost of prescription drugs for Medicare beneficiaries in the United States. This benefit is administered through private insurance companies which are then reimbursed by the Centers for Medicare and Medicaid Services (CMS). Part D plans only cover prescriptions, both generic and name-brand. No other benefits are provided with a Part D plan.
There are two options for obtaining a Medicare Part D Prescription Drug Plan (or PDP). You can opt for a PDP only, with no other coverage, or you can purchase a Medicare Advantage (MA) plan. A Medicare Advantage plan covers both medical services and prescription drugs. Within these two categories, there are many different companies and plans to choose from.
Keep in mind that each insurance company has its own list of covered medications. Therefore, it is crucial for you to make sure that you choose a plan that meets your needs by covering all or most of your recurring monthly prescriptions.
You can enroll for Part D Prescription Drug Coverage when you become eligible at age 65, or during the open enrollment period.
You may enroll in only one Medicare Prescription Drug Plan at a time and may not be enrolled in a Medicare Advantage Plan at the same time. If you choose a Medicare Advantage Plan, your prescription drug coverage is included.
If you currently have a Medicare Supplement plan, you can also switch to a different plan during the Annual Enrollment Election period.
Since there is a late-enrollment penalty for delaying the purchase of a PDP, you may benefit from signing up for a Part D plan even if you are not currently on any medications. In this way, you can choose the least expensive plan in order to avoid the penalty, with the option of switching to a more comprehensive plan if your needs change.
Even you do not purchase a Medicare Part D plan, you can still benefit by being a smart consumer. Visit our page regarding How to Pay Less for Prescription Drugs and learn how to receive a free prescription drug discount card. We also provide information about how purchase your monthly recurring medications at reduced prices via international pharmacies.
If you are interested in receiving a quote on Part D prescription coverage, we can research your options and help you make a decision regarding which plan is right for you. We are able to offer quotes from a variety of carriers, such as:
Before we are allowed to provide information on these plans, Federal law requires that you fill out a Scope of Appointment Form.
After submitting the form, you will be taken to a page where you provide information on which medications you take and the pharmacy you use. Once you have provided all of the requested information, we can obtain quotes and rate information designed for your specific situation.
If you are not comfortable with the online quote process, or if you have any other questions, please contact one of our MediGap Advisors at 866-323-1441. You may also e-mail us at info@MediGapAdvisors.com. Remember that our services are offered to you with zero cost and with no obligation. Our goal at MediGap Advisors is simply to help you understand your Medicare Part D Prescription Drug Plan and help you make informed decisions regarding your coverage.
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Disclaimer: Medigap Advisors is not connected with or endorsed by the U.S. Government or the federal Medicare program. Medicare has neither reviewed nor endorsed the information contained on this website. This is not a complete listing of plans available in your service area. For a complete listing please contact 1-800-MEDICARE or consult www.medicare.gov (TTY users should call 1-877-486-2048), 24 hours a day/7 days a week.