PART D – Prescription Drug Coverage

Medicare Part D is the prescription drug insurance program added to Medicare by the Medicare Prescription Drug Improvement and Modernization of Act of 2003. It is a voluntary program beginning in 2006 that covers a portion of prescription drug costs not generally covered by other Medicare programs.

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Prescription Drug Coverage is offered through private health plans. Participants are able to stay with traditional Medicare and enroll in a drug-only plan or choose a Medicare Advantage Plan with comprehensive benefits. Drug insurance will be partially financed through premiums paid by participants, whether for drug-only plans or as part of Medicare Advantage premiums.

How Do I Sign Up For Medicare Part D?

Once you qualify for Medicare, you will be eligible for a Part D Prescription Plan. Should you pass on choosing a plan, you will not be allowed to purchase one until open enrollment (which runs from October 15th to December 7th annually) and your plan will not become effective until January 1st of the following year.

The government has imposed a 1% per month penalty for every month that you choose not to enroll in a Prescription Drug Plan, which begins on your Medicare Part B effective date. There are exceptions where you will not be subjected to the penalty.

When choosing a Prescription Drug Plan, you may either:

• Go to the government website at www.medicare.gov and enter your own drug information.
• Call Medicare directly on the phone. Medicare is usually flooded with calls, so you may have to wait on hold for a lengthy time period.
• Contact an insurance company directly
• Contact an agent – like Brines’ Insurance & Financial Services – and allow us to assist you

Using an insurance agent, like Brines Insurance, has advantages in that Brines Insurance shops many insurance companies for you, looking at the drugs that are covered, the service quality, and the premium costs to find a plan that best suits your needs and your budget.  Insurance companies change benefits on their drug plans from year to year. Brines Insurance stays up to date on these changes and looks at your situation for you each year, making sure you have the right plan.

Call our knowledgeable staff today and see if there’s anything in your Medicare coverage that might be better organized to give you the best benefits for your situation!