Medicare Part D Simplified
Medicare offers prescription drug coverage, Part D, to everyone with Medicare. If you decide to opt out of Medicare Part D prescription drug coverage when you’re first eligible, you’ll likely pay a late enrollment penalty when you do want it, unless one of these applies:
- You have other credible prescription drug coverage
- You get Extra Help, meaning your resources and income are limited
To get Medicare drug coverage, you must join a plan run by an insurance company or other private company approved by Medicare. Each plan can vary in cost as well as what drugs are covered under the plan.
2 ways to get drug coverage
- Part D, or Stand Alone Prescription Drug Plans, often referred to as a “PDPs” – These plans add drug coverage to Original Medicare, some Medicare Cost Plans, some Medicare Private Fee-for-Service (PFFS) Plans, and Medicare Medical Savings Account (MSA) Plans.
- Part C, or Medicare Advantage Plan – Often referred to as “MAPD,” your Part A Hospital Insurance, Part B Medical Insurance coverage, and Part D prescription drug coverage are included through these plans. You must have Part A and Part B to join a Medicare Advantage Plan.
Beacon Associates can help you navigate the confusion of Medicare and Part D plans. We can help you choose the plan to meet your healthcare needs. Call us today!
Information collected from: How to Get Drug Coverage
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