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Medicare Prescription Drug Coverage
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 is eligible and some of the associated cost.
Medicare Part D is prescription drug coverage for Medicare recipients. The government is not the provider these plans. Instead, private insurers provide Medicare Part D plans. However, the government regulates and approves which insurance companies can provide Part D Plans. Medicare Part D is available to all Medicare recipients.
You are a Medicare recipient if you are covered by either Medicare Part A, or Part B or both. Alternatively, if you have enrolled in Part C, you may receive Medicare Part D. However, if you already have prescription coverage in a Part C plan, you cannot enroll in a Part D plan.
All plans are required to provide a standard level of coverage mandated by Medicare. The costs are not regulated and vary from plan to plan. The costs associated with a Part D plan are the monthly fee, the yearly deductible, co-insurance and the coverage gap.
It is a good thing to enroll in a Medicare drug plan as soon as you can. If you wait to enroll, it will result in paying higher premiums.
Monthly premiums for Medicare Part D plans are different for each plan. These fees are in addition to the Part B premium. If your prescription coverage is with a Medicare Part C plan, your cost of coverage is usually 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 cost more in premiums.
Co-payment is the amount you pay up front at the drugstore when you purchase your prescription.
The coverage gap occurs when your prescription purchases are greater than a certain amount. At this point, you will have to pay for all of your medication out-of-pocket until you reach a yearly out-of-pocket limit. Then, the plan pays again.
In summary, Medicare D plans cover prescription drugs. Government sanctioned, private insurers provide the plans. If you have Medicare you can get Medicare D. The costs are different among plans. Be sure to check the total cost which include monthly premiums, annual deductibles and co-pays.
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