Medicare Part D Explained

What you need to know about Prescription Drugs and Medicare.

Part D

Unlike Part A & B being administered through the federal government, Prescription Drug Plans (PDP) are only available through private insurance carriers. Medicare beneficiaries can get prescription drug coverage in one of two ways. Either through a standalone prescription plan or through a Medicare Advantage Plan.

Standalone Prescription Drug Plan (PDP)

If you plan on keeping original medicare and pairing it with Medicare Supplement, you’ll also want to consider enrolling in a standalone PDP.

Standalone PDPs offer a more tailored approach to beneficiaries medical needs. This is due to the way formularies are built by companies. An insurance carrier is required to have at least two drugs in each theraputic category, which means that some prescription plans may not cover your drugs, and others will.

Now you may be asking, how do I find out which plan covers my drugs? Well, our staff are expertly trained to perform drug analysis for individuals. We believe this should be done each year.

Is there a Penalty for not taking Part D?

Yes. Medicare multiplies 1% of the “national base beneficiary premium” by the number of full months you went uncovered, then adds that to your monthly Part D premium.

The national base beneficiary premium for 2018 is $35.02

Rules That Effect Coverage

If you experience a higher Part B premium than most people, you will also pay a corresponding increased Part D premium as well.

s

2019

Standard Annual Deductible: $415
Coverage Gap Begins at: $3,820
Catastrophic Coverage Begins at: $5,000
Z

2018

Standard Annual Deductible: $405
Coverage Gap Begins at: $3,750
Catastrophic Coverage Begins at: $5,000
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