Medicare Part D
Medicare Part D is Medicare’s prescription drug coverage plan that can be purchased as a standalone plan or through Medicare Advantage as an extra benefit. You can enroll in Part D during the Initial Enrollment Period when you enroll in Original Medicare. You can also enroll or disenroll from a Part D plan during the Annual Enrollment Period, which begins on October 15 and ends December 7.
What Does Part D Cover?
Part D plans have a list of prescription drugs that they cover, known as a formulary. Each Part D plan is required to cover all drugs listed in these categories:
- Vaccines that are not covered by Medicare Part B
- HIV/AIDS treatment
Suppose you find that a prescription you take is not listed on the formulary. In that case, you can request an exception, file an appeal, or pay for the prescription out-of-pocket.
Do I Need Part D?
If you currently have a prescription drug coverage plan, then you do not need Part D. However, if you delay your Part D enrollment without already receiving creditable drug coverage, you could face penalties when you choose to enroll at a later time.
The penalty is calculated by multiplying 1% of the national premium (which is $32.74 in 2020 and $33.06 in 2021) by the number of full months you went without coverage. The premium is rounded to the nearest $0.10 and then added to your Part D premium. You will have to pay this penalty for as long as you have Part D coverage.
If you are nearing Medicare eligibility and would like to enroll in a Medicare Part D prescription drug plan, give Barnhart Insurance Group a call today. We will help you find a Part D plan in your area that meets your needs at just the right budget.
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