Medicare Part D Prescription Coverage

D is for Drug! Medicare Part D is prescription drug coverage offered by private insurance companies but approved and regulated by Medicare. This will allow you to receive big discounts on your monthly prescription costs. Picking the right Part D plan really depends on what drugs you are currently takings. First review the frequently asked questions below then click on the link below to learn which plans cover your drugs.

Part D Questions

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. Your monthly premium could be higher or lower based on the plan you select, your age and your income. Senior 65 has recently partnered up with CleverRx to provide you with discounts of up to 80% on your prescription drugs.

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 determine 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. The part D increase will mainly affect those under 65 or disabled who will have to reach 25% of their income before they write off any medical expenses. 



What does Part D cover?

The specific drugs that are covered vary with your Part D provider. It is quite possible though, that not all of your drugs will be covered under your plan. Most people look at Part D more like a discount drug program that caps your cost should your Rx needs be very expensive. Having said that, we at Senior65 make sure that you get the plan that covers most of your drugs at the lowest rate possible, always aiming to decrease your annual spending.

How do I sign up for Part D prescription coverage?

Before you can sign up for Part D, you first need to select a Part D plan. There are many different Part D plans to choose from, with a wide range of coverage and prices offered.

For us to find out which plan is the best for you, input your drugs here and we will contact you shortly with your best options.

Part D Plan Finder Website

When do I sign up for Part D prescription coverage?

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 do not have a high prescription cost, but you should weigh any savings against the penalties you would incur should you sign up later.

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. This is the list of all approved drugs and tier levels. If your monthly premium is raised, some of your drugs are not covered anymore or there is a cheaper plan available, you should consider switching.

As we mentioned, we at Senior65 take care of all of this for you. Contact us to 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.

What is the Donut Hole?
The Part D 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.