Navigating Medicare Part D

Navigating Medicare Part D

Having adequate medical coverage is much more complex than it seems. If you receive Medicare, your drugs are usually covered by Medicare Part D; this can be done directly by Medicare or a pre-approved private company.

Before starting or ending any new type of coverage, you must be sure of the repercussions of what you are doing. If you are enrolled in a Medicare Advantage plan through a private insurer, also called Medicare Part C, when you enroll in a prescription drug plan (Part D), you can be expelled from your Medicare advantage plans. This is only the case if Medicare Advantage plans has a prescription drug plan.

Another thing to consider is the period of enrollment in Medicare. Registration is open from October 15 to December 7. If you are eligible for Medicare, you can choose to change or discard coverage. The change will take effect on January 1.If you are eligible for Medicare and wish to enroll in a prescription drug plan, you have a period of seven months to participate. Three months before your 65th birthday, the month of your birthday and the next three months is when you can join. If you miss this application period and request late coverage, you may be responsible for late application charges.

There are some exceptions to this. Special enrollment periods include if you leave your plan’s service area, stay in a nursing home or lose other credible coverage. You can change, add or discard coverage whenever these things happen. The disadvantage of this is that Medicare Part D has associated costs. There is a monthly premium for which you are responsible, as well as deductibles and co-payments. Some insurers are equipped to deduct their monthly premium directly through their social security check each month, saving paperwork and energy.

In addition to the costs of having the plan, you should know how much the plan costs. Each plan, whether direct Medicare or a private insurer, has a specific form of what drugs they cover and to what degree. If you take multiple medications, keep in mind that not all plans are the same. Some medications cost more with some plans, while they are cheap with others. Make sure the plan you choose finally covers all the medications you can take. Navigating through Medicare is difficult, but this section should at least help you get started in the right direction. Research and make changes that are best for you. But don’t expect too much; you must make changes in a timely manner so that they are made within the open application period.