What is Medicare Part D Prescription Drug Plans
Medicare Part D is a federal health insurance program for those who are 65 or older, certain people with disabilities, and those with End-Stage Renal Disease. Most people learn about this option several months before their retirement.
Medicare Part D Prescription Drug Plans
Understandably, you may have many important questions. One of the big questions to ask is “What is Medicare Part D?” Medicare Part D refers to prescription drug plans available for Medicare beneficiaries.
Original Medicare and Stand-Alone Drug Plans
Those who have both Medicare Parts A and B are said to have Original Medicare. These Medicare beneficiaries can choose to pick a separate Part D plan to cover their prescriptions. These plans are also referred to as Stand-Alone drug plans. These Part D plans are available through insurance companies and have their own premium.
Medicare Advantage Plans
One of the added benefits to a Part C plan may be prescription drug coverage. Other benefits of a MA plan can include set co-pays, vision and dental benefits, and other perks. However, it is important to know that not all Medicare Advantage plans include Part D. So, if you choose one of these plans, be prepared to select an additional Stand-Alone plan for prescriptions.
Medigap or Medicare Supplement Plans
You must be 65 or older to qualify for a supplemental plan. Also, Medicare Supplement plans no longer include Medicare Part D. This means you will need to pick an additional plan to include prescription drug coverage unless you are already enrolled in a supplemental plan with Part D benefits.
Most people are extremely cautious about which plans they choose their Medicare plans. Aside from the Medicare Part B premium, you must also be prepared to pay additional premiums for the plans you select. There are also other important aspects to consider as well. First, you should be aware of the potential Part D penalty.