Medicare Prescription Drug Plans (Part D)
Original Medicare (Parts A and B) does not cover prescription drugs (those you buy in a pharmacy). Therefore every Medicare beneficiary should get a separate Prescription Drug Plan (Part D). Those plans are offered through private insurance companies, like Humana, Silverscript, United Healthcare etc.
All the plans have to meet certain requirements, however they can differ considerably in regards to their formularies (the drug lists) and in the coverage. They also vary in monthly premiums (the lowest premium plan in the Chicago area is $13.20, the highest is $135.90 per month).
Before you purchase a Prescription Drug Plan you should find out how much you will pay for your medications with a particular plan. We can provide such drug analysis - so you will know the costs of your medications and your premiums for the entire calendar year.
You should buy a Prescription Drug Plan when you are first eligible (when you first enroll in Medicare). If you don't have a Prescription Drug Plan or other creditable coverage and you were Medicare eligible you may owe a late enrollment penalty.
Prescription Drug Plans can be changed every year during Open Enrollment Period (from October 15th to December 7th) and under special circumstances (for example when you move to a different service area). In September, before Open Enrollment Period seniors who with Prescription Drug Plans get a document called Annual Notice of Changes which details the changes in their plan for the next calendar year. Then it is very important to compare your plan to other plans available on the market so you can get the right drug coverage for the following calendar year. Please call us - we will gladly help you with that!
If you have Medicare Advantage insurance, you most probably don't need a separate Prescription Drug Plan. Medicare Advantage plans usually cover medications. Again, those plans do change from year to year and you should really compare your plan with the coverage offered by other insurance plans during the Annual Open Enrollment Period (October 15th to December 7th).
Please call our agency for more information. We offer a variety of Prescription Drug plans. We will carry out a thorough drug analysis for you and we will help you obtain the right plan for your situation.