Part D is a plan for prescription drugs that is offered by Medicare. All people who currently hold the Medicare policy are eligible for this plan. Any private insurance provider who has been approved by Medicare can offer this policy. The coverage for the drugs and the cost varies for each Part D plan. While purchasing the Part D plan ensure it meets your expectations.
There are two ways in which you can avail benefits from the Part D plan.
- The prescription drug plan, commonly called PDPs, can be availed after you buy the Original Part D plan just to ensure coverage for costs of prescription drugs.
- The second alternative is to opt for the Medicare health plan or Medicare Advantage Plan that cover the cost of prescription drugs. Added to the coverage for prescription drugs, you can also get the Part A and Part B coverage with the Medicare Advantage Plan and are referred to as MA-PDs.
Either of these plans fall under the Medicare Drug Plans. It is recommended that you opt for the prescription drug plan from Medicare even if you do not buy prescription drugs often because people who do not avail Part D and are also not eligible for credible coverage elsewhere face the risk of penalty. In the year 2009, a 1% penalty was levied on people who did not take up the Part D coverage.
You will need to have the Part A and Part B coverage in order to avail the Medicare Prescription Drug plan. Situation when you can drop, switch or join this plan are:
- You get qualified for Medicare first
- When you enroll between November 15 and December 31, which is the annual enrollment period, the coverage commences from the first of the following month.
Beginning from the date of coverage, you have to continue the plan for an entire year. You can switch only during the Special Enrollment period if necessary.
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