Medicare Part D
Medicare offers a prescription drug plan called Part
D. This plan is available to all that currently collect benefits from Medicare.
You can get Medicare drug coverage through a private insurance company approved
by Medicare. Each plan can vary in cost and drug coverage. If you are
looking for this type of coverage be sure to make sure you find a plan that fits
you individual needs.
Medicare offers two ways for you to receive Part D benefits:
- You can take out an original Part D plan from a Medicare
Prescription Drug Plan. Also called PDPs, these plans just add drugs to original
Medicare.
- Second way is to take out a Medicare Advantage Plan
or Medicare health plans that offer Medicare prescription drug coverage. With
Medicare Advantage you can get Part A and Part B coverage, plus receive prescription
drug coverage. These plans can also be known as MA-PDs.
Both of these plans are considered to be Medicare Drug
Plans. Even if you may not take a significant amount of prescriptions you
should still consider taking out a drug plan offered by Medicare. The reason
for this is that if someone does not take action when first eligible for Part D
and does not have creditable coverage anywhere else, they can face a penalty.
The penalty as of 2009 is 1% every month someone procrastinates taking out Part
D coverage.
You can join a Medicare Prescription Drug Plan only if
you currently have Part A and Part B. The requirements pertain to Medicare
Advantage, but you must live in the service area of the plan you want to join.
You are able to join, switch or drop your plan at the following times:
- When you first qualify for Medicare.
- Between the annual enrollment period of November
15 through December 31. Your coverage starts the 1st of the following
month you enroll.
You must continue in a plan for the full calendar year
starting the date of your coverage. The only option you can switch would be
in a Special Enrollment Period.