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Medicare Part D: or call 1-844-528-8688
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This video Explains how to find the BEST Medicare Part D drug plan for seniors when turning 65 or during the Annual Election Period. We highly recommend using the Medicare.gov plan finder tool here: or calling Medicare direct at 1-800-633-4227.
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Part D is prescription drug coverage for Medicare beneficiaries who are enrolled in both Medicare Parts A and B. Although Part D is optional, you should enroll when you first become eligible or you will be subject to the Part D penalty which will have an impact on your rates, for as long as you are enrolled in a plan.
Part D is offered by private insurance companies and is not part of original Medicare. Plans are offered by service area and you must live in a service area to be eligible for a plan.
Medicare Part D Premiums — Premiums are paid monthly and range from $18.40 to over $75.00 with the national average for 2016 being $36.41.
Part D Deductible — The deductible is the amount you may be required to pay prior to your plan paying a share of prescription drugs. The amount of deductible and on what tiers, it is paid on will be determined by the Part D you choose.
Part D will also have copayments and/or coinsurance, this is the amount you pay at the pharmacy, and will be determined by what tier your prescription is.
Initial Coverage Limit — This amount is set annually by Medicare and will be the same for all plans. It is the amount both you and your plan will pay prior to you reaching the Part D coverage gap.
Medicare Part D Donut Hole or Gap — Is the coverage gap that you you will enter if you exceed the initial coverage limit of $3310.00 for 2016. This amount is the total spent by you AND the Insurance company combined.
Part D Catastrophic Coverage — Is reached after you alone (TrOOP) have spent a fixed amount in the Donut Hole, this amount is called True Out of Pocket. For 2016 the amount is $4850.00. During this phase you will pay very small copayments or coinsurance amounts for your drugs normally around %5.
Table of Contents:
00:00 – Introduction
00:24 – Slide 1
01:34 – Part D Late Enrollment Penalty
06:01 – Slide 7
07:00 – Slide 8
08:36 – Slide 9
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Medicare Solutions Team