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What You Need to Know About Medicare Insurance Drug Plan
Author David Schneider | Jan 21,2008
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Medicare Part D is an available option with Medicare, which is an insurance drug plan that provides Medicare covered individuals with prescription drug coverage. This prescription drug coverage is provided to Americans who are 65 and older as an optional service to supplement Medicare insurance. Many Medicare recipients do not understand the intricacies of this program and wonder what it covers, how to enroll in the drug plan and whether or not they can switch to a different Medicare insurance drug plan at any time during the coverage.
What Medicare Part D Covers
When Medicare recipients want to add a drug plan to their Medicare coverage, they go with the optional Part D. Just like any health care policy that covers prescription drugs, Part D does not cover every prescription drug. This prescription plan covers most of the prescription drugs that the FDA (Food and Drug Administration) has approved. The patient must pay for the prescriptions that the Part D program does not cover.
What Medicare Part D Costs
The cost for Medicare Part D varies according to the drug plan that you choose, which prescription drugs you buy and whether or not you have other drug insurance coverage that may help to offset the cost of the drug. This plan does have a deductible of $250 and is a reimbursement plan. Individuals covered under this drug plan are required to pay for the prescription upfront, but will then be reimbursed 75 percent of the cost of the prescription, with a maximum amount of $2,250. After the maximum amount of $2,250, the full cost of the prescription medication must be paid for in total by the patient, with a maximum set for the out-of-pocket cost to the patient.
What is the Enrollment Period for Medicare Part D?
Since Medicare insurance is provided to those aged 65 and older, the initial enrollment period to opt-in to the Medicare drug plan runs three months before your 65th birthday up until three months after you turn 65. This means that you have a six-month window to start your initial enrollment. There is also a set period each year in which a Medicare drug plan can be changed to another plan, which is November 15 through December 31. The only exception to this rule is for individuals who are eligible for both Medicare and Medicaid. These individuals are eligible to switch drug plans at any time during the year. |
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