What Are Medicare Part D Plans?

Medicare Part D plans refer to coverage that helps pay for prescription drugs. Part D is optional coverage that you must pay for, but it’s a good idea to obtain this coverage when you’re first eligible because you may incur a penalty if you decide to join later.

Among the decisions that individuals aged 65 and older who qualify for Medicare have to make is which of the Medicare prescription drug plans provides the best prescription drug coverage. The experienced agents at Lanford Insurance & Financial Services are trained to help you unravel the mystery of Medicare options, including what you need to know about Medicare prescription drug plans. These agents want to make open enrollment Medicare Part D options easier for you to navigate so you choose the best coverage for your needs.

How Do I Enroll in Medicare Prescription Drug Plans?

To enroll in advantage plans Medicare, including Part D options, you must be a citizen of the U.S. or lawfully present in the U.S. You can join Medicare and a Medicare prescription drug plan once you become eligible. You can join, switch or drop a plan during open enrollment, which is between October 15 and December 7 each year. Once you’re on Medicare, your prescription drug coverage must be obtained from an insurance company that’s Medicare-approved such as:

• Original Medicare. Sign up for Medicare Part D plans when you sign up for original Medicare. You must have coverage under Part A and Part B to sign up for Part D.
• Medicare Advantage. Medicare Advantage plans, also known as Part C, offer alternatives to traditional Medicare, and usually include coverage for prescription medications. This option sometimes covers additional services such as vision and dental care as well.

If you have other coverage for prescription drugs from your employer, a former employer, union or veteran’s benefits, they will notify you annually to let you know if your coverage is creditable. Signing up for Medicare coverage if you already have coverage from another source may cause you to lose those benefits, and you may not be able to get them back.

How Do I Choose the Best Medicare Prescription Drug Plan?

During open enrollment, Medicare options can seem confusing. There are several different factors to consider when choosing a plan to cover your prescription drugs when you’re on Medicare or Medicare Advantage plans. Your financial and insurance advisor at Lanford Insurance & Financial Services helps you figure out the considerations, such as:

• Which medications you’re on. Each plan has its own list of covered medications, which is called a formulary. This list includes at least two drugs from the most commonly prescribed categories. Check to see if the medications you’re on are covered.
• State. These plans are organized by state, since you need to compare options available in your state.
• Cost. A variety of factors can affect the cost of your plan. Compare the cost of copays and deductibles in your area.

The best way to choose between Medicare Advantage plans, Medicare Part D plans or existing coverage is to make an appointment during open enrollment Medicare times to discuss your options with the skilled insurance professionals at Lanford Insurance & Financial Services. These insurance professionals work for you to help you understand your options. Schedule an appointment today.