Prescription Drug Plans (Part D)
There are two ways of obtaining a prescription drug plan: purchase one separately as a Medicare Part D plan or utilize one embedded within a Medicare Advantage Part C Plan. No matter which way you obtain your drug plan, there is a basic Medicare drug coverage that is approved by the Centers of Medicare and Medicaid (CMS) and a Part D plan is designed around it.
The Four Stages of Medicare drug coverage will be outlined below.
Insurance carriers can offer benefits that equal or exceed the benefits of the basic drug coverage but can never offer less than the basic drug coverage.
CMS can change cost sharing minimums annually.
If you receive Extra Help from Medicare for your Part D coverage, you will notice that your Deductible and Coverage Gap will not be applied the same as above.
You must choose a Part D plan when you first become eligible otherwise a lifetime penalty from Medicare may be assessed. If you are working and have a group plan, other rules apply or you may have other circumstances that need attention. Please contact us and one of our Medicare Advisors will be happy to help you find the right plan for your individual circumstances.