Medicare Part D Plans & Programs
Get a Free Medicare Prescription Drug Plan Quote
Prescription drugs can be a major cost as you age and they are not covered by Original Medicare or a Medigap insurance plan. Purchasing a stand alone Medicare Part D drug plan to go along with a Medigap plan provides protection against catastrophic health care costs. Medicare Part D coverage may also be included in a Medicare Advantage plan. Those plans are commonly referred to as MAPD plans.
Medicare drug plans are offered through private insurance companies. Plan benefits vary widely, as do the costs associated with the plans. Whether specific drugs are covered by your plan and how much those drugs cost differs among plans too. So when you get Medicare Part D quotes, here are some questions to ask:
How are your drugs covered? (check their formulary drug list)
What is the deductible?
Are there copays?
How are your drugs covered through the initial period, the coverage gap (Medicare donut hole) and catastrophic coverage?
Is your local pharmacy in the network?
What is your TROOP (true out of pocket cost)
Generally you will pay a monthly premium and a yearly deductible. You will also pay a part of the cost of your prescriptions, including a Copayment or Coinsurance. Costs will vary depending on which Medicare drug plan you choose. Most plans have a "donut hole" during which you will pay the entire costs of drugs. There are plans that offer extra coverage during the Medicare donut hole, for such things as generic drugs. However, that extra coverage, when you are in the Medicare donut hole, may cost you more. Also, the 50% discount on brand drugs when you are in the Medicare Part D coverage gap increases each year until 2020. If you find your costs are very high during the Medicare Part D donut hole, make sure you check with your doctor about whether you are taking the lowest cost drug that works for you.
Plan benefits and prices can change every year. So make sure you review your plan and make sure it still fits your needs. When you shop for a plan you'll want to have list of your prescriptions, dosage and frequency.
If you don't sign up for Medicare Part D coverage when you are first eligible you will likely face a penalty if you enroll in a plan later. For each month you delay, Medicare imposes a penalty of an additional one percent (1%) of the premium per month. You pay that penalty for the length of your Medicare Part D enrollment.
When you request iQuote for Medicare Part D quotes you will receive a choice of companies in your area. Please have your list of prescriptions, dosage and frequency when you are ready to compare Medicare Part D quotes.
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