Broker Check

Part D

Medicare Part D Plans are essentially pharmacy cards that give you lower cost medications. You enroll in a Part D plan through an insurance company in your home state. Instead of paying the full cost for your prescriptions, you will pay only the copays required by the plan.

Each year, there are many companies that offer Medicare Part D plan options. It is not uncommon for residents in each state to have 30 or more choices. However, they do have to comply with federal requirements to ensure minimum essential levels of coverage.

Choosing a Medicare Part D plan is easier said than done, many people are confused by too many choices. The best way to find the right plan is to have a broker assist you. We can will alanlyze your current medications and fit you with the plan formulary that best suits your needs.

While Medicare Part D is voluntary, there are some very important reasons why you should seriously consider enrolling.

If you fail to enroll in Part D during your initial enrollment period (when you first become eligible), it may result in a late penalty. The penalty is waived if you have had other other creditable coverage for prescription drugs, such as through an employer group health plan. If not, then your penalty amount depends on how long you waited to enroll in a plan.

The penalty is calculated by Medicare as follows: 1% of the national average base Part D premium for every month that you went uncovered and did not have other creditable coverage. The penalty is rounded to the nearest $.10, and then added to the premium you pay for your new Part D premium.

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