With all the parts of Medicare it can be confounding, however it needn’t be. We have found the most important things you need to know about Medicare Part D, and compiled a list for you.

What is Medicare Part D?

It is prescription coverage for people 65 and over with Medicare and people with certain disabilities under 65. Medicare Prescription coverage each have its own list of covered drugs (called a formulary). These drugs are usually placed in tiers, with the lower tier costing you the least. However, if your drug is in a higher tier and your prescriber believes that drug is more effective than a similar drug on a lower tier, your prescriber can request an exception to get a lower copayment. Part D is offered in one of two ways:

1) Original Medicare

    1. or

Medigap

    1. you can purchase

Medicare Part D

    with a separate monthly premium

2) Medicare Advantage Plan with Rx

    . MA plans generally offer Rx coverage as part of the package.

What does this mean for you?
Prescriptions can be one of the most costly parts of aging, and it is important that you have yourself covered with a plan

When Can You Enroll for Prescription Coverage?

  • Newly eligible for Medicare because I turned 65: 7-month period that begins 3 months prior to your 65th birthday, the month of your birthday, and the 3-months that follow
  • Newly eligible for Medicare because of a disability, but under 65: 24 months after you receive disability benefits
  • Enrolled in either both Medicare Part A & B, or only Part B, and already 65: April 1–June 30

Part D Late Penalty

If you don’t enroll when you’re first eligible you may be responsible for a 1% Part D late penalty for each month that you didn’t enroll.

How to First Use Your Prescription Coverage

You will need these things to use your coverage for the first time:

  • Your red, white, and blue Medicare card
  • A photo ID
  • Your prescription plan card

IF you are newly eligible but do not have all of the above, you can:

  • Bring welcome letter you got from the plan.
  • Bring an enrollment confirmation number you got from the plan, and the plan name and phone number.
  • You may be able to print a temporary card.

If you’re ready to sign up for Medicare Part D or have any further questions call the number above or contact Senior65.com.