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2021 Medicare – Part D Deductible: How it Works
Medicare Part D plan is an optional prescription drug insurance for your medication needs. When you enroll in Medicare Part D, you get a prescription card to reduce the cost of brand-name and generic drugs. Instead of paying the full cost of your prescriptions, you pay only the copays required by your drug plan. There are two ways you can add prescription drug coverage to your Medicare health coverage:
1. Medicare Prescription Drug Plans (sometimes called “PDPs”) add prescription drug coverage to Original Medicare. In addition, you can add drug coverage to some Medicare Private Fee-For-Service (PFFS) plans, some Medicare Cost Plans, and Medicare Medical Savings Account (MSA) plans.
2. Medicare Advantage Plans (like HMO or PPOs) or other Medicare health plans offer prescription drug coverage.
To join a Medicare Prescription Drug Plan, you must have Medicare Part A (Hospital Insurance) or Medicare Part B (Medical Insurance). To join a Medicare Advantage Plan, you must have both Part A and Part B. In addition, you must also live in the service area of the Medicare health plan or drug plan you want to join. These plans offer different combinations of coverage and cost sharing. For example, Medicare drug plans may differ in the prescription drugs they cover, the price you pay, and the pharmacies you can use.

HOW TO AVOID LATE ENROLLMENT PENALTY
The initial enrollment period for Medicare Part D is the same as the initial enrollment period for Medicare. It begins 3 months before your 65th birthday and ends 3 months afterward. This is when most people enroll in Part D, unless you have credible coverage from an employer or a source like the VA. Although Part D is voluntary, no one knows when you will get sick and need expensive medications. So Medicare encourages your enrollment at age 65 by imposing penalties for late enrollment.

If you do not have other credible drug coverage and you miss enrolling in the 7 month initial enrollment period, you will start accumulating a penalty that grows over time. This late enrollment penalty incurs at 1% of the national average premium for every month you waited. In other words, for every month you could have been enrolled in Part D, but were not. For example, maybe you did not enroll because you are not taking any medications or they are not very expensive. If you were to wait 4 years x 12 months = 48% higher Part D premiums. Furthermore, you pay this penalty for as long as you are enrolled in Medicare Part D.

Fortunately, there are some very affordable drug coverage. So even if you do not need drug coverage right now, you can enroll in an inexpensive plan so you have drug coverage when you need it. Most importantly, so you avoid incurring that late penalty. Moreover, delaying Part D is risky because once your initial enrollment period passes, you can only enroll or switch drug plans during the following enrollment periods:

Annual Election Period from October 15 to December 1.
Medicare Advantage Open Enrollment from January 1 to March 31.

FIND THE RIGHT MEDICARE PART D PLAN
Senior Healthcare Direct is happy to help you find the right Drug Plan. Please fill out our Drug Finder Form, and a licensed agent can find you a drug plan that covers your specific list of prescription drugs. Moreover, we compare the prices of all available drug plans, so you get the most cost-effective Part D plan.

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