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Prescription Drug Coverage - Medicare Part D Prescription Plan
This article will explain a little bit about Medicare Part D plans . It will cover what the plans are about, who provides the coverage, who can get it and some of the costs associated with it.
Medicare Part D covers prescriptions. It is drug coverage for people on Medicare. The government is not the provider these plans. Private insurance companies are providers of Medicare Part D plans. However, the government regulates and approves which insurance companies can provide Part D Plans. Medicare D is available to all Medicare recipients.
If you have either, or both, Medicare Part A and Part B, you are a Medicare recipient. Alternatively, if you are enrolled in Part C, you may receive Medicare Part D. You might have drug coverage as part of Medicare Part C. If this is the case, you cannot enroll in a Part D plan.
All plans are required to provide a set standard of coverage mandated by Medicare. However, the actual costs of the coverage vary by Medicare drug plan. The costs associated with a Part D plan are the monthly fee, the yearly deductible, co-insurance or co-pay and the coverage gap.
You should enroll in a Medicare Drug plan as soon as possible. If you wait, it will cost you in terms of higher fees.
Medicare Part D monthly fees do vary from plan to plan. Part D fees are in addition to Part B fees. Both must be paid. In the case of Medicare C, it may not seem like you are paying an additional cost. However, the part D premium is included in the part C premium.
The yearly deductible is the total amount you must pay for your prescriptions before your plan will ever pay. Some plans may have no yearly deductible, but they have higher premiums.
Co-payment is the amount you pay up front at the drugstore when you buy your prescription.
At some point you coverage stops . This is known as the coverage gap. This happens when you hit a certain dollar limit. When you get to this point, you must pay out-of-pocket until you reach another yearly limit. Then, the plan begins paying again.
In summary, Medicare D plans cover prescription drugs. Private insurers, who provide the plans, must be government sanctioned. If you have Medicare , or are eligible for Medicare, you can get Medicare D. The costs you need to be aware of are the monthly premiums, annual deductible and co-insurance.
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