Enrolling in Medicare Part D Is Optional – So Is It Right for You?
Medicare Part D provides coverage for most outpatient prescription drugs, as well as coverage for most vaccines not covered by Part B. Stand-alone Part D prescription drug plans (PDPs) are available through private insurance companies under contract with Medicare and are offered to anyone enrolled in Medicare Part A and/or Part B.
If you do not already have creditable drug coverage or Part D benefits through a Part C Medicare Advantage Plan, we highly recommend enrolling in a Prescription Drug Plan (PDP) as soon as you are eligible – even if you do not currently take any prescriptions. Enrolling in Part D as soon as possible is wise, as it allows you to avoid late enrollment fees and potential gaps in coverage.
But as optional coverage, you have a choice! Our agents in Cary would love to talk more with you to give you the information you need to take charge of your health and to be prepared for any associated costs.
But What If You Have Creditable Drug Coverage?
If you have creditable drug coverage – such as coverage through Veteran Affairs, TRICARE for Life, Federal Employee Health Benefits, or some other creditable group plan – you can forego purchasing a PDP without risk. With creditable drug coverage, you can delay Part D enrollment and enroll later during an Initial Enrollment Period or Annual Enrollment Period – without facing late enrollment penalties. And if you lose your creditable drug coverage but want Part D benefits, you qualify for a Special Enrollment Period for a PDP.
If you have additional questions about creditable drug coverage, or you need help determining whether your current drug coverage is creditable, our team of agents would love to assist you.
Selecting the Best PDP Plan
Depending on which medications you take and which pharmacy you use, one Prescription Drug Plan may be better for you than another. Each PDP has its own formulary, or list of covered drugs. Please also note that some drugs are excluded from Medicare coverage by law.
Our agents in Cary consistently offer personalized service to ensure our clients find plans that meet their individual needs. We’d be happy to help you determine which PDP is the best fit for you – you’ll receive expertise you can trust at no cost to you! You can also consult medicare.gov for more information.
If you wish to change your PDP plan at any point, you can do so during the Annual Enrollment Period (October 15 – December 7). After selecting a plan, your new PDP coverage will begin on January 1 of the following year.
What Part D Costs
Depending on which PDP you choose, your monthly premium will vary. And if your income falls above a certain limit, you will pay an extra amount in addition to your PDP premium. The extra amount is usually deducted from your Social Security benefit and paid to Medicare, not to your PDP.