Medicare Part D
Prescription Drugs
What is Part D of Medicare?
Part D or Prescription drug coverage is the covered drugs offered by private companies. This Prescription drug insurance usually has a monthly premium and can vary by plan. The drugs that are covered in each plan can be found in the formulary and vary by plan. These drugs will be ranked into Tiers. The price of prescription drugs is dependent on the Tier it falls into.
These Drug plans are approved by the Federal Government but the price of each drug can very by price from plan to plan. That is why it is important to check every plan for every drug that is taken. It seems like a daunting task but at Boise Medicare Broker will do this for you before our appointment.
Is Part D included in Medicare?
Part D is not included with Original Medicare or if you get a Medicare Supplement plan. If you are enrolled in a Medicare Advantage plan or Part C you will most likely have Part D packaged into that plan. Unless you are receiving credible coverage from another source. While Part D is managed by The Centers of Medicare Services, it is offered by private insurance companies.
Medicare Supplement Plans and Part D
Even though Medicare Supplement plans do not include a Part D plan it is not hard to add one to your coverage. The price of a stand-alone Part D plan in Idaho can vary by what drugs you are taking. But most of the time if you can afford a Medicare Supplement plan the cost of your prescription drug plan won’t feel like much more.
Do I need Part D if I am on a Medicare Advantage Plan?
One of the reasons a lot of people have moved to Medicare Advantage plans in Idaho and other states is that package deal. There are a lot of perks to having a Medicare Advantage plan including having credible Prescription drug coverage wrapped in one plan and one premium a Part C plan.
One thing to keep in mind with Medicare Advantage plans is the Formularies and Drug Tiers Very from plan to plan. It is very important to check the price of your drugs within every formulary first then compare the other benefits afterward. We hear it all the time people say my friend is on this plan I want this plan. Then we run the drugs into Medicare.gov and that plan would cost our client way more than plenty of other great options.
Can I go without Part D?
Yes, you can go without a Part D plan. But in the long run, it will cost you more when you finally decide you need a Part D plan. If you don’t actually take drugs now there are some plans that have a very low cost and will fulfill the requirement to have drug coverage. Then when you finally need a better plan you can later switch to a more expensive plan that offers more coverage.
If you ever go without Prescription Drug coverage for more than 63 days after your Initial Enrollment Period into Medicare you will then have to pay a 1% penalty for every month you didn’t have Prescription Drug Coverage. Meaning if you go without coverage for one year you will have to pay an extra 12% of a base beneficiary premium. This will be each month and included in your plan’s premium.
What are the Best Part D or Prescriptions plans in Boise Idaho?
It is very realistic to just tell everyone what Prescription Drug plan is the best. This is because every Plans Formulary is different. This means the drugs covered and the costs vary from plan to plan. When looking to add a Part D plan to a Supplement or picking a Medicare Advantage plan we first enter all your drugs into Medicare.gov to check the yearly cost of your prescriptions. Drug costs can play a large role when picking a Part D or Medicare Advantage plan in Idaho.
