Prescription drug plans
Prescription Drug Plans
Prescription drug plans, or PDPs, help pay the cost of prescription medications.
PDPs are offered by private insurance companies and cover a portion of your prescription drug expenses. Because the medications covered vary by company and plan, it’s important to review your current medications with your Medicare agent to make sure you have the most cost-effective plan that covers what you need.
It’s important to review your Medicare Part D plan every year.
Your overall health and plan specifics can change, so verifying your plan still covers your medication is important. Just because your prescription medications were previously covered doesn’t mean they will continue to be covered the following year.
For help making an informed decision about Medicare Part D coverage, contact us today!
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Medicare Part D
Prescription Drug Plans
Prescription drug plans, or PDPs, help pay the cost of prescription medications.
PDPs are offered by private insurance companies and cover a portion of your prescription drug expenses. Because the medications covered vary by company and plan, it’s important to review your current medications with your Medicare agent to make sure you have the most cost-effective plan that covers what you need.
It’s important to review your Medicare Part D plan every year.
Your overall health and plan specifics can change, so verifying your plan still covers your medication is important. Just because your prescription medications were previously covered doesn’t mean they will continue to be covered the following year.
Understanding the Four Phases of Medicare Part D Coverage
Key Cost Components
Enrollment Periods
Initial Enrollment Period (IEP): Begins three months before, includes the month of, and ends three months after your 65th birthday or Medicare eligibility date.
Annual Enrollment Period (AEP): October 15 to December 7 each year; during this time, you can join, switch, or drop a Part D plan.
Special Enrollment Periods (SEPs): Available for qualifying life events, such as moving out of your plan’s service area or losing other credible drug coverage.
Frequently asked Questions
You can enroll during your Initial Enrollment Period (when you first become eligible for Medicare), the Annual Enrollment Period (October 15 – December 7), or during a Special Enrollment Period if you qualify due to certain life events. If you don’t enroll when first eligible and don’t have other creditable coverage, you may face a late enrollment penalty.
Part D costs include a monthly premium (which varies by plan), an annual deductible (up to a maximum set by Medicare), copayments or coinsurance for each prescription, and potential costs in the coverage gap. The exact amount depends on the plan you choose and the medications you take. Some beneficiaries may qualify for Extra Help to reduce these costs.
Extra Help, also called the Low-Income Subsidy (LIS), is a Medicare program that helps people with limited income and resources pay for Part D costs including premiums, deductibles, and copayments. You may qualify if your income and resources fall below certain limits. Social Security handles Extra Help applications, and qualifying can save you thousands of dollars annually on prescription costs.
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