Medicare Part D health insurance is an optional federal government prescription drug program that you can purchase through us – Healthinsurance180 in order to supplement your Medicare Plan. Medicare Part D was enacted through the Medicare Modernization Act of 2003 and went into effect in 2006. Prior to going into effect, you had to pay for out-of-pocket costs for prescription drugs that Medicare Part B did not cover. This could cost you thousands of dollars in additional expenses each year.
You are eligible to enroll in Medicare Part D if you are enrolled in Part A or Part B. If you choose to have a Medicare Advantage health insurance plan along with Medicare Part D, then you would have to be enrolled in Medicare Part A and B. You can enroll in Medicare Part D through Healthinsurance180 a health insurance broker. It is best for you to enroll in Part D once you reach the age of eligibility. Otherwise, you will have to pay an enrollment penalty if you enroll past your enrollment eligibility date.
Part D is a private supplemental insurance plan that only covers prescription medications. Costs include a monthly premium and potential copayments when ordering medications (prescriptions). The amount of the copayments can vary based on the tier the drug falls under. For example, a Tier 1 generic drug prescription will have a lower copay compared to a Tier 3 generic drug prescription. The plan will cover the majority of the costs.
Before choosing Medicare Part D policy, you should check to see if your medications are covered under this plan. Medicare Part D does not provide universal and sometimes we advise policy holders to file an exception, depending on the type of prescription. Get in touch with one of our expert healthcare advisors here at Medicare180 to go over Plan D restrictions and coverages. We’re more than happy to assist! CONTACT NOW!