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Medicare Part D – Defined

We spend so much time at Delmar with our families and residents, discussing Medicare and its various applications, that it is sometimes important to offer a brief refresher as to its basic definitions.
For today’s blog, I’d like to focus on Medicare Part D coverage specifically.

What is Medicare Part D and how do I enroll?

Medicare Part D is a prescription drug coverage plan for people who have either Medicare Part A or Part B. To sign up, all you need to do is join a plan that offers Part D.Medicare Part D is a voluntary program. This means you don’t have to buy it when you join Medicare. Many people buy it, and some people choose not to. But if you decide to buy a Part D plan after you first sign up for Medicare, you may pay more for it each month. This is called a “late enrollment penalty.


What drugs are covered under Medicare Part D?
All Medicare Part D plans have a list of covered drugs. This is called a “formulary.” Plan drug lists will include both generic and brand name drugs, and will list them in levels, or “tiers,” based on cost. The lower the level or tier, the lower your cost for the drug will be.


How much will a Medicare Part D plan cost?

To join, you simply pay a monthly amount, or “premium,” to the plan you choose. Some Medicare Advantage plans include the Part D cost in their monthly plan premium, like EmblemHealth. Depending on your plan, you may also pay deductible and coinsurance costs. If you need help paying for your drugs, you may qualify for “Extra Help.”.

Companies that offer Medicare Part D may cover different drugs or charge different amounts for them. So choose a plan that offers you the best solution for your own needs.

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