What You Need to Know about Medicare Part D

If this is the year when you finally become eligible for Medicare benefits, then you will also be making some other important choices related to your healthcare coverage.  By now, you may know a lot about Medicare benefits and what they cover, but what do you know about Medicare Part D?

With so many decisions to make about Medicare supplement insurance, some seniors think they can’t afford the additional coverage that comes from Medicare Part D.  Perhaps you have been fortunate enough to avoid expensive prescription drugs and think the additional coverage will go to waste.  This may be true, but keep in mind that there are very strict deadlines associated with Medicare enrollment.  If you decide later that you really need additional prescription drug coverage you can still get it, but late enrollment fees may apply. 

Basically, there are two ways to get Medicare Part D prescription drug coverage:

1)      Medicare Advantage Plans – These one-stop plans are becoming an increasingly popular way to enroll in Medicare.  Operated by private insurance companies, these plans package the most popular supplemental plans with all the features of Medicare Parts A and Part D, plus Medicare Part D prescription drug benefits, all in one easy-to-use health plan for seniors.

2)      Medicare Prescription Drug Plan (Part D) – this is where you would purchase additional drug benefits to supplement your existing Medicare plan.

Generally, the cost of supplemental Medicare Part D varies from one provider to the next, and the costs may vary depending on your income level, but they could also be reduced if you qualify for some of Medicare’s savings programs, such as the “Extra Help” program for low-income seniors.

How do I qualify for Medicare Part D?

If you are already enrolled in Medicare Part A and B, based on the eligibility requirements outlined at Medicare.gov, then you can also opt in for Medicare Part D.  However, the coverage levels and costs will vary depending on where you live.  Arizona, New Mexico and Colorado citizens should speak with a qualified health insurance broker who is able to provide quotes from local and regional health insurance providers.  A broker can help you choose the appropriate option for getting Medicare Part D insurance, whether it is purchased “a la carte” as a supplement or wrapped into a Medicare Advantage plan. 

One Colorado health insurance broker has published an article called “The Facts about Medicare Part D Prescription Drug Coverage”.  Speak with an experienced health insurance broker and find out more about the benefits of purchasing Medicare Part D.