Medicare Part D Basics
For those of you who are about to become Medicare eligible or new to Medicare, you may have some questions about Medicare Part D. Here are some essentials to know about Medicare Part D.
- Medicare Part D is prescription drug coverage.
- Medicare Part D is a federal government program that gives approval to private insurance companies helps to subsidize the cost of prescription drugs for those on Medicare.
- It is very important that you join a drug plan once you are eligible if you don’t have any other creditable prescription drug coverage. You face the possibility of a lifetime penalty added to your plan premium if you do not enroll once eligible.
- Please note: Creditable prescription drug coverage is prescription drug coverage that is expected to pay, on average, at least as much as Medicare’s standard prescription drug coverage. Creditable coverage can include drug coverage from a current or former employer or union, TRICARE, Indian Health Service, Department of Veterans Affairs, or health insurance coverage. Your plan will tell you each year if your drug coverage is creditable coverage.
Two ways to get Medicare prescription drug coverage:
- Medicare Prescription Drug Plans (PDP): Add drug coverage to original Medicare, some Medicare cost plans, some Medicare Private Fee-for-Service (PFFS) Plans, and Medicare Medical Savings Account (MSA) Plans.
- Medicare Advantage Plans (MA-PD) You get all of your Part A and Part B coverage, and prescription drug coverage (Part D), through these plans.
Medicare plans vary in cost & drugs covered, so make sure you review your plan and update it when you can.
Please find more helpful information about Medicare Part D on our website by clicking a link below or give MWG Senior Services a call at 877-936-2991.