If you’re enrolled in Original Medicare and want to get prescription drug coverage, then you’ll need to also enroll in Part D. This is Medicare’s solution to providing prescription drug coverage. Part D is not available for those that are enrolled in Medicare Advantage, as many Part C policies come with prescription drug coverage.
Prescription drugs can be extremely expensive. It’s important that you have the right coverage so that you can lower your pharmacy bills as much as possible. Many people find that Part D is extremely affordable and a great way for them to get as much coverage as possible.
There are multiple stages that a Part D policy goes through. It’s important that you know about these stages so that you can be aware of how much you might potentially pay.
Stage 1 – Annual Deductible
The first stage is the annual deductible. This begins when you make your first prescription drug purchase. You’ll need to pay your entire deductible before the full amount of your coverage kicks in. If you have a plan without a deductible, then you’ll be advanced to the next step.
Stage 2 – Initial Coverage
The second step is when the full amount of your coverage begins. You’ll most likely have a copayment whenever you purchase a prescription drug.
Stage 3 – Coverage Gap
The third stage is the coverage gap. It’s important to note that this is not an extremely common stage to advance to. During this phase, your policy’s coverage is limited. This stage begins when your plan (as well as you) has paid $4,430. This stage ends when your out-of-pocket cost sum is $7,050.
Stage 4 – Catastrophic Coverage
The final stage is called catastrophic coverage. In this stage, you’ll have a lowered copayment amount. Medicare will then cover the majority of your prescription drug costs. While it does require a large amount of out-of-pocket costs, this is the largest amount of coverage that’s possible. It is extremely rare to enter this stage, as the out-of-pocket costs are so large.
Ready to Enroll?
If you’re ready to take the first step towards enrolling in Part D, then I can help. I understand Medicare’s prescription drug coverage and can provide you with important information. Making Medicare decisions can be frustrating, but it doesn’t have to be. I’m passionate about insurance, so feel free to book an appointment so that we can discuss your prescription drug coverage options.
