A Part D Prescription Drug Plan can help cover the costs of your prescription drugs along with other Medicare components. Just be sure to enroll on time, as there is a permanent premium surcharge for those whole enroll more than three months after their 65th birthday if they don’t have similar drug coverage from another source.
If you are already enrolled in a Part D standalone plan, or an Advantage plan that includes drug coverage, you are welcome to switch plans during the open enrollment period (October 15 – December 7 each year).
Most prescription drug plans include a “donut hole” coverage gap, which puts a temporary limit on what these drug plans cover. After you have spent a certain dollar amount on covered drugs through your plan, the coverage gap begins. Those who choose to seek additional help paying Part D costs will not enter this coverage gap. After the gap, you’ll only pay a maximum of 25 percent of the plan’s cost for covered prescription drugs.
Help With Enrollment
If you are in need of assistance when choosing a plan, get in touch with our team. We can walk you through Part D drug plans to help you make the best decision for you moving forward.