Summary of Medicare Part D Benefits For 2018 Pt 1
The Medicare Part D program authorizes private insurance companies approved by Medicare to insure prescription drugs. You must have Part A or B to be eligible for a Medicare prescription drug policy. You can get this insurance in the form of a Medicare Advantage Prescription Drug Policy if you have Part A and B or an independent Medicare Part D prescription drug policy that only Part A or B may be required.
In general, you can sign up for one ofthe Medicare policies that contain prescription drug insurance that may serveyour area of residence. With an easy-to-use comparison tool for Medicare PartD, you can compare and select the policies on offer. Quotes for a 2019 blue cross blue shield advantage plan are found at https://www.medicareadvantage2019.org/bcbs-medicare-advantage-plans-for-2019
The annual period for Medicare Part D prescription drug policies (or open enrollment for fall) last from October 15th to December 7th each year. Within this time, anyone can use Medicare to sign up for a Medicare Part D prescription drug policy or change from one policy to another.
You can enroll in a Medicare prescription drug policy or change the policy at any time if you qualify for extra help with the cost of prescription drugs. Extra Help (a.k.a. Low Income Assistance) is a program that helps beneficiaries with low income benefit from the costs of Medicare Part D. Depending the level of extra help you get, this may include monthly premiums, co payments and deductibles.
You can also register, change or discontinue prescription drug plans for Medicare during one of the special election periods held at any time during the year in which you are in a qualified situation. In some situations where you qualify for a specific eligibility period which includes (among others), leaving a policy’s area of care or living in a nursing home or other supervised care center. Qualification for the additional help program is yet another case that qualifies you for a particular election period.
What should I keep in mind when choosing a policy?
Costs: The cost of Medicare Part D may vary by policy and premiums, co payments, co insurance, and deductible costs. With the eHealth comparison tool for Medicare Part D, you can also compare the annual cost depending on the prescription medications you use.
Preferred pharmacies: Some independent Medicare prescription drug policies and Medicare Advantage prescription drug policies have preferred pharmacies that you can use to share lower costs. If a pharmacy you use is not in the policy’s preferred network, you may have higher co payments and co insurance expenses.
Travel: Do you travel a lot or do you stay in other states? If you signed up for a Prescription Drug Policy on Medicare Advantage or for a Prescription Drug Policy of Medicare Part D, you may want to find out if your policy offers protection in another state. In some cases, you may have to pay higher amounts of money when you complete the rules in the policy’s network.
What is the Medicare Part D insurance cost in 2018?
Premium: You pay a monthly premium for a Medicare Part D prescription drug policy that varies from policy to policy.