Medicare Part D, the Medicare prescription drug coverage program, was officially launched in January 2006. Anyone who is eligible for Medicare can enroll in a Part D plan. You may sign up for Medicare Part D prescription drug coverage when you first become eligible for the Medicare program (three months before the month you turn age 65 until three months after you turn age 65). Part D coverage is provided through insurance companies and other private companies that work with Medicare.
Enrolling in Part D means that you are adding prescription drug coverage to your Original Medicare Plan (Medicare Parts A and B) or to your private fee-for-service plans (which allow you to go to any Medicare-approved doctor or hospital that accepts the plan’s payment). If you have a Medicare Advantage Plan (Part C): Most Medicare Advantage Plans already cover prescription drugs, but if they don’t, you may be able to choose Part D coverage.
In most cases, you will need to pay a separate monthly premium for your Medicare Part D prescription drug plan, and the amount of that premium varies by plan. You also will be responsible for a co-payment or coinsurance, and in some cases, a yearly deductible.
Click here for more information about Medicare Part D costs.
The Medicare Part D drug benefit was created to be an insurance plan that can help you, as a Medicare beneficiary, cover drug costs if you become sick or increase the number of prescription drugs you are taking. However, you already may have sufficient coverage under your current health care coverage, so check with your current plans’ benefits administrator to find out how – or if—the Medicare Part D drug benefit is right for you, and how it might affect your current coverage.
If you have prescription drug coverage from a former or current employer or union, you must be notified by them about how your current coverage compares to Medicare’s standard prescription drug coverage. Also, if you decide to drop your current coverage and enroll in Part D, and then change your mind later, you may not be able to get your employer or union coverage back.
Finally, it is important to know that you may not be able to drop your current drug benefit to join Medicare Part D without also dropping your employer or union health coverage. Again, this is why it is important to talk to your current benefits administrator to see if Medicare Part D is the right option for you.
For help with deciding whether to enroll in Part D, and choosing the plan best suited for your needs, talk to your local Health Mart Pharmacist.
