Simply put, Medicare Part D is your prescription drug coverage. This Part of Medicare helps pay for the prescriptions you will fill throughout the year.
Part D coverage is often already included in most Medicare Advantage plans. However, if you choose a Medicare Supplement (Medigap), we will need to add a prescription drug plan, as Supplement plans DO NOT already include this type of coverage.
Not all prescription drug plans are created equal. We will need to review your current prescriptions to determine which plan will cover your medications the best. As your prescription needs change from year to year, we can change your Part D plan coverage each year during Medicare open enrollment (Oct.15 – Dec. 7).
The "Donut Hole" is a gap imbedded within ALL prescription drug plans, where your medications may cost more to fill. This gap is achieved when the total costs of your medications reach a certain level and insurance companies then transfer most of those medications costs to you. Once you have paid out an additional $1250 of your own money toward prescription drug costs, the Insurance company will set back in and resume covering the majority of costs once again.
Currently, there is no plan available that could eliminate this potential gap. It is important to discuss all your medications with your agent to ensure your associated costs are minimized as best as possible.
While you may not take any medications currently and feel purchasing Medicare Part D coverage is not necessary, we must warn you. Prescription drug coverage is for both prescriptions you already have, and medications you may need in the future. If you fail to purchase prescription drug coverage during your initial enrollment period, you will be unable to add it until the next open enrollment period and may have to pay a fine when you do add it in the future.