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Medicare Part D FAQ

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D is for Drugs! Medicare Part D is prescription drug coverage offered by private insurance companies but approved and regulated by Medicare. Part D coverage will allow you to receive discounts on your monthly prescription costs.

 

 

Since each Part D provider can select which drugs to cover, picking the right Part D plan really depends on what drugs you are currently taking.  We can help you review the plans in your area to figure out which plan is right for you.  If after reviewing our Frequently Asked Questions (FAQ’s) below you would like assistance selecting a part D plan, click here to enter your prescriptions in our part D drug list.  

 

What does Part D cover?

Part D covers some or all of the cost of certain prescription drugs you get at the pharmacy. Specific drugs that are covered vary with your Part D provider. The list of drugs covered under a Part D drug plan is called a formulary and, to be clear, each plan has a different formulary list.  

 

Each insurance company sets not only which drugs they will cover but also the cost of the plan, the deductible and your copay at each pharmacy. 

How Much Does Part D Cost?

Each plan can vary in cost and drugs covered. While there is a wide price range, the average monthly Part D premium for 2020 is around $40.  That being said there are good plans for around $15 a month.  Your monthly premium could be higher or lower based on the plan you select and your income.

 

How much more should I pay if my income is high?

People with higher-income will pay higher premiums for both Part B and prescription drug coverage. The good news is that this increased payment will apply to less than 5% of those on Medicare.

 

The way Medicare determines who pays more is based on the modified adjusted gross income on your tax return. If it is above a certain amount, you will pay a higher monthly premium. 

 

How do I sign up for Part D?

The short answer is you sign up for Part D prescription coverage over the phone or online.  Before you can enroll for Medicare Part D, however, you must first select a Part D insurance plan and provider. 

 

There are many different Part D plans to choose from, with a wide range of coverage and prices offered.  This is where Senior65.com comes in.  We can help you estimate exactly what each company will charge you for your drugs next year. 

 

To find out which plan is the best for you, first input your drugs here and we will contact you shortly with your best options.  Once you select the right plan for you, we help you enroll right over the phone or send you a secure link to enroll online. 

When do I sign up for Part D?

You should sign up for Part D when you are eligible for Medicare. This means that you are able to enroll during the 7 month period of up to 3 months before your 65th birthday, the month of your birthday and 3 months after.

 

If you don’t have other credible prescription drug coverage through work or spouse, you will have to pay a 1% penalty for late enrollment for every month that you could have enrolled but chose not to. You may consider postponing signing up for Part D if you currently have credible coverage through another source like a retirement plan or the VA. 

Can I switch Medicare Part D plans?

Each year there is an Open Enrollment period (October 15 to December 7) where you can switch Medicare Part D Prescription plans. You will want to look at your Part D provider’s formulary list.

 

The formulary list is the list of all drugs that a plan may will cover. If your monthly premium increases or one of your drugs are no longer covered, you should consider switching Part D plans.

 

As we mentioned, we at Senior65 take care of all of this for you. Contact us 800-930-7956 to review or enroll in Part D at no additional cost to you.

What is the Part D “Donut Hole”?

To understand the Part D Donut Hole, the first thing to realize is that Part D does not cover all of your prescription costs. There are still deductibles and coinsurance (where you pay a % of total costs). Medicare Prescription coverage could save you a lot of money, but this coverage was never designed to cover all of your Rx costs.

 

The Donut Hole is a somewhat misguided (and misspelled) attempt to explain what is known as the Part D Coverage Gap. If your total prescription bills ever reach roughly $4,020 in one year, you will then have arrived at the Part D Coverage Gap and will have to pay 25% of your additional prescription costs. However, if your total Rx bills eventually reach $6,350, your Part D plan will then pay all but 5% of additional cost for the rest of the year.

 

Can’t I just use a Discount card?

 

Senior 65 has recently partnered up with CleverRx to provide you with discounts of up to 80% on your prescription drugs.

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