If you are enrolled in Original Medicare, which consists of Medicare Parts A and B, you can purchase a Part D prescription drug plan to supplement your major health insurance. Part D prescription drug plans are relatively inexpensive, but they offer Medicare beneficiaries significant help with their prescription drug costs.
If you aren’t sure how much Part D prescription drug coverage costs, here’s what you need to know.
What Is Part D?
Medicare Part D provides Medicare beneficiaries with prescription drug coverage. The plans are sold by private insurance companies that have been approved by the Medicare program. All plans feature a formulary, which lists the drugs covered by the plan. The formulary also states the price of any drugs listed within it. When choosing a Part D plan, it’s important to ensure that the plan covers the medications you prefer.
How To Get Part D
To get a Part D prescription drug plan, you must enroll during an appropriate enrollment period. Furthermore, you can only purchase a Part D plan if you are enrolled in Medicare Part A and/or Part B. You don’t need to have both parts of Original Medicare to enroll. It’s important to purchase prescription drug coverage because if you don’t you may be subject to late enrollment penalties later.
How Much Does Part D Cost?
Part D plans are sold by private insurance companies. Therefore, the prices for coverage typically vary. The amount you pay generally depends on what is covered by the plan. Though, there are limits to what an insurance company can charge for Part D prescription drug coverage.
Part D costs include premiums, deductibles, copayments, and coinsurance. The Part D deductible cannot exceed $480, as mandated by Medicare. Copayments and coinsurance vary, but once you’ve spent $4,130, you’ll never pay more than 25% of the cost for prescription drugs.
Part D premiums depend on which plan you purchase, but there are monthly adjusted amounts that must be paid in addition to plan premiums. The monthly adjustment amount is decided based on your income. For people who earn $91,000 or less, there is no monthly adjustment amount. People who earn above $91,000 up to $114,000 pay an additional $12.40 in addition to their plan premiums. If you earn between $114,000 and $142,000 per year, you’ll pay an additional $32.10.
For more information about monthly adjustment amounts, visit the Medicare official website.
Find Part D Coverage
You can find an affordable Part D plan today by calling Medicare With Jake. Our phone number is (833) NOW-JAKE. Call now for a free quote on Part D plans in your area.
