Medicare Part D

(Need help comparing your Part D plan options? Contact a licensed Medicare agent at Innovative Insurance Solutions today to help compare your options)

What is Medicare Part D?

Medicare Part D Prescription Drug plans are plans you can enroll on with a private insurance company to help with your Medication costs using copays and coinsurances required by the plan. There are many available options for Part D insurance companies offering Prescription drug plans. Each Part D insurance company has a formulary that lists each medication their plan covers and what your copays/coinsurance will be at the pharmacy. These Private insurance companies can set their own price using copays/coinsurance for each of their medication tier levels. However, these Part D insurance companies must remain compliant with federal requirements for minimal essential levels of coverage and must receive Medicare’s approval each year for their plan benefits. You can enroll onto a Part D drug plan one of two ways; by enrolling onto a stand-alone prescription drug plan or by enrolling onto a Medicare Advantage plan that includes prescription drug coverage.

Things to know about Part D:

• You do not have to enroll onto a prescription drug plan. Medicare Part D is voluntary so beneficiaries have the option to choose whether to enroll or not. Keep in mind, even if you are not taking any medications now, you should consider the medications you may need in the future
• If you do not enroll in Part D when you are first eligible, you may incur the Late Enrollment Penalty and when you finally need a Part D plan, you can only enroll during certain times of the year unless you have a special window

Even though  Part D is optional to you, there are a few things you want to consider before making a decision:

• if you do not enroll onto Part D when you are first eligible and you do not have other creditable drug coverage elsewhere (examples: employer coverage, VA benefits) you could receive the penalty. Be sure to talk to a licensed insurance agent to review your options before electing not to sign up on a Part D Prescription Drug plan
• The amount of the penalty you will be pay depends on the length of time you went without creditable drug coverage
• The penalty is based on 1% of the base Part D premium for every month you went without creditable drug coverage
• If you miss your window to enroll on a Medicare Prescription Drug plan when you are first eligible you will not be able to enroll onto a drug plan until the Annual Election Period (October 15 – December 7) unless you qualify for a special election period. Be sure to talk to a licensed insurance agent before to review your options before electing not to sign up on a Part D Prescription Drug plan

At Innovative Insurance Solutions we help clients by assessing their Prescription Drug plan needs and ensuring they are on a plan that suits those needs. There is no cost for our services. . Call us today and talk to a licensed insurance agent to help assess your needs! (817) 421-8900.

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Medicare Disclaimer: We do not offer every plan available in your area. Currently, we represent 12 organizations which offer 74 plans in your area. Please contact Medicare.gov, 1-800-MEDICARE, or your local State Health Insurance Program (SHIP) to get information on all of your options.