Medicare Part D

Medicare Part D is Medicare’s prescription drug coverage plan. Features and costs vary between one policy to another, as Part D plans strictly come through private insurers. While your policy may have its own costs, your insurance provider will work to keep those costs as low as possible.

Getting Part D

You can join Part D at these times:

  • Initial Enrollment Period (three months before your 65th birthday, to three months after the month you turn 65)
  • Annual Election Period (October 15 to December 7)
  • Within 63 days after losing creditable prescription drug coverage

If you have creditable prescription drug coverage, you can wait to join Part D.

Aside from creditable prescription drug coverage, you may not have to get Medicare Part D if you’re on a Medicare Advantage plan with drug coverage.

Have your list of medications ready when you start enrollment. Plans have their own list of medications they cover. When you sign up, it is best to find a plan that covers most (if not all) of the medications prescribed to you.

How it Works

All Part D plans must cover two drugs from each category or class. They also must cover drugs that fall into these specific categories: anticancer, antidepressants, antipsychotics, anticonvulsants, immunosuppressants, and HIV/AIDS drugs.

How much you save on prescriptions is contingent on a two factors:

  • Your plan’s formulary (your plan’s list of covered medications)
  • The tier your medication is on

Tiers are arranged in order of least to most expensive:

  • 1 – Generic, preferred ($1-$3)
  • 2 – Generic, not preferred ($7-$11)
  • 3 – Brand name, preferred ($38-$42)
  • 4 – Brand name, not preferred (45% to 50% coinsurance)
  • 5 – Specialty (45% to 50% coinsurance)

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Medicare Part D is a great way to save on prescription drug costs, and I’m here to help you get it. I’ve been a Medicare advocate for decades, which has earned me the nickname “Mr. Medicare”. Regardless of the coverage you need,  I can find a Medicare plan that suits you perfectly.

If you’re interested in a Part D plan that will make your medications cost less than ever before, call or text me today.

Give me a call or text today at 501-703-0488 or visit any of my locations by appointment only!