What is Medicare Part D?
Medicare Part D is a prescription drug plan that saves you money on your prescriptions. It is optional, so while you don’t have to sign up for it, it’s strongly encouraged that you do. That’s not just due to late fees; it’s a great choice for when you do not already have prescription coverage.
Why should I get it?
Your medication could be substantially cheaper with a low-cost monthly premium of $33.06. The plan also works with you and your doctor to help you get your medication in the most cost-effective way possible. And it’s not only pills – syringes for insulin injections and certain immunization shots, such as shots for diphtheria and shingles, are also included.
How does it work?
Medicare Part D covers a formulary, which is made up of a specific list of prescription medications. Plans have different medications covered. But they do have to cover medications like those for HIV/AIDS and cancer. They also must cover immunosuppressants, antidepressants, anticonvulsants, and antipsychotics.
Medicare Part D also covers a minimum of two drugs per frequently prescribed drug class.
Medicare Part D separates the formulary into tiers. The lower the tier, the less expensive the medication is, and the more preferred it is. That’s why if you’re prescribed a brand name medication, the plan will try to help you find a generic medication on a lower tier because that is preferred. And if your prescribed drug is on a higher tier, but there’s not a generic version of it, then your plan will try to find you a generic medication similar to the one you were originally prescribed.
When can I join?
You can join a Medicare prescription drug plan at these times:
- Initial Enrollment Period. This period begins depending on when you turn 65. This includes the month you turn 65, the three months before it, and up to the three months after it.
- Annual Enrollment Period. This is from October 15 to December 7. During this period you can drop, switch, or enroll in Part D.
- When you lose creditable prescription drug coverage. Creditable prescription drug coverage is a drug plan where you pay roughly the same amount as you would for a Part D plan. This period begins the day you lose that coverage. You can enroll without paying a late enrollment fee if you get the plan within 62 days.
How do I join?
Joining is a process that we at Mitchell Johnson Insurance make easier. All you have to do is call 601-559-0185. When you call us, we can give you a free quote and can help you find the Part D plan that fits your needs.
