Medicare Part D is the prescription drug plan. Here, this section will delve into what Part D does, who can obtain it, how they can obtain it, and when they can get it.
Medicare Part D Overview
Medicare Part D plans have formularies, or lists, that have the prescription drugs that they cover. All plans are required to cover at least two drugs from each category, but keep in mind that each plan varies regarding which two drugs it covers. However, Part D plans must provide coverage for all, or most, prescriptions in these categories:
- Antidepressants
- Anti-cancer
- Immunosuppressants
- Antipsychotics
- Anticonvulsants
- HIV/AIDS medications
Who can get Medicare Part D?
Medicare Part D is available to anyone who qualifies for any other Medicare program. It’s for those who reach 65 years of age or have been receiving disability benefits for at least 24 months.
Signing up for a Part D plan is an option for those who do not already have another form of prescription drug coverage. If someone is on Medicare Advantage, however, signing up for Medicare Part D results in disenrollment. If you are part of your employer’s health insurance plan, be sure to contact them, as enrolling in Part D in this context can have the same consequence.
How can someone get Medicare Part D?
Getting Medicare Part D is a matter of contacting an insurance company. For us at Midwest Medigap, we’re just a phone call away and can help you find the right insurer, Part D plan, and cost. You can call us today at 800-805-6834.
When can I get Medicare Part D?
You can get Medicare Part D during the Initial, Special, or General Enrollment Periods. You may switch coverage during Special Enrollment and Open Enrollment.
The time frame varies with these options:
- The Initial Enrollment Period is the best possible time to join. There are no late fees here. This goes from the three months before you turn 65 to the three months afterward.
- The General Enrollment Period lasts from January 1 to March 31. If you join Part D at this time, you may have a late enrollment penalty since you did not enroll during your Initial Enrollment Period.
- The Special Enrollment Period has varying amounts of time to join or switch a prescription drug plan. This is relevant when you move to a new area, lose employer health insurance coverage, or come back to the U.S. after having lived in another country.
- Open Enrollment Period is for when you need to drop or switch Part D plans. This is from October 15 to December 7.
Need help deciding on a Part D plan?
We at Midwest Medigap are here to help you find the best coverage you are capable of receiving. If you have any questions about Medicare Part D, please contact us today by calling 800-805-6834.
