Medicare Part D is a plan run by private insurance firms to offer coverage for prescription drugs. Medicare requires beneficiaries to have some form of prescription drug coverage. If you don’t have any form of coverage, you may have to pay a penalty.
Coverage with Part D includes:
- HIV/AIDS treatment
- Antipsychotic medications
- Anticonvulsive treatments for seizure disorders
- Anticancer drugs (unless they are being covered under Part B)
Also, Part D covers most vaccines unless they are already covered under Part B.
Medicare Part D Eligibility
To enroll in the Part D plan, you must have Original Medicare and live in the plan service area you want to join. If you have a bundled Medicare Part C plan that already has prescription drug coverage, you can’t sign up for a standalone Medicare Part D plan.
No matter how you obtain coverage or qualify for Medicare Part D, you will get the same level of coverage. However, to be eligible for Original Medicare, you must meet at least one of the following criteria:
When To Enroll
It is best to enroll in Part D during the Initial Enrollment Period, which begins three months before your 65th birthday and ends three months after. This period is where you will also enroll in Original Medicare.
If you delay your enrollment in Part D and do not have drug coverage, you will have a permanent late enrollment penalty to pay when you do enroll.
If you choose to enroll in a Medicare Advantage Plan that provides prescription drug coverage, you should always check to make sure your needed prescriptions will be covered.
How Can I Enroll
You can enroll in the service area or through an insurance carrier. You also have the option to enroll on Medicare’s website.
For more information about Medicare Part D eligibility, contact Turning 65 Solutions. Our experienced Medicare insurance experts can help you make the best decision regarding your prescription drug coverage.