Medicare Part D Options: Find Your Ideal Coverage

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What You Should Know About Medicare Part D Plans

Your monthly plan premium and out-of-pocket expenses for prescription drugs will vary from plan to plan.

Every Medicare prescription drug plan has a formulary - that is, a list of covered drugs.  The formularies vary among plans.

Be aware that your plan may change its formulary. You may want to review the Annual Notice of Change that the plan sends you every fall to make sure it will still cover your prescription medications in the coming year.

Ready to secure your Medicare insurance coverage? Schedule an appointment with an agent today to find the perfect plan for your needs and budget!

Have questions about Medicare Part D coverage? Here are some frequently asked questions to guide you through the process.

Do I Need Medicare Part D If I Don't Take Any Medications?

Even if you don’t take prescription drugs now, you should consider getting Medicare drug (Medicare Part D) coverage to avoid possible penalties.  Keep in mind that Part D is insurance not just for your medications today. It also insures you for any new medications that your doctors prescribe in the future. 

Any Medicare beneficiary enrolled in either Part A and/or B can enroll in Medicare Part D. You must live in the plan’s service area as well.  All plans must cover a wide range of prescription drugs that people with Medicare take.

What is the Part D Late Enrollment Penalty?

The late enrollment penalty is an amount that's permanently added to your Medicare drug coverage (Part D) premium. You may owe a late enrollment penalty if at any time after your Initial Enrollment Period is over, there's a period of 63 or more days in a row when you don't have Medicare drug coverage or other creditable prescription drug coverage . You’ll generally have to pay the penalty for as long as you have Medicare drug coverage.

The cost of the late enrollment penalty depends on how long you didn’t have creditable prescription drug coverage. Currently, the late enrollment penalty is calculated by multiplying 1% of the “national base beneficiary premium” by the number of full, uncovered months that you were eligible but didn’t enroll in Medicare drug coverage and went without other creditable prescription drug coverage. The final amount is rounded to the nearest $.10 and added to your monthly premium. Since the “national base beneficiary premium” may increase each year, the penalty amount may also increase each year. After you enroll in Medicare drug coverage, the plan will tell you if you owe a penalty and what your premium will be. 

3 Ways to Avoid the Part D Late Enrollment Penalty

• Enroll in Medicare drug coverage when you're first eligible.
• Enroll in Medicare drug coverage if you lose other creditable coverage.
• Keep records showing when you had other creditable drug coverage, and tell your plan when they ask about it.

For more information on how to avoid the late enrollment penalty, check our detailed information on Medicare Part D plans and the consequences of not enrolling.

How can I find out which prescription drugs are covered by my Medicare Part D plan?

Each Medicare Part D plan has a formulary that outlines the covered prescription drugs. You can check the plan's formulary or reach out to the plan directly to verify coverage for your specific medications. Lehigh Partners offers free enrollment support and conducts all the required research to help you find the right plan.

Can I switch Medicare Part D plans?

Individuals can switch Medicare Part D plans during the Annual Enrollment Period from October 15 to December 7 each year. They can also switch plans during Special Enrollment Periods under certain circumstances

How do I enroll in Medicare Part D?

Enrollment in Medicare Part D is facilitated through private insurance companies approved by Medicare. Individuals have the option to enroll in a standalone Medicare Part D plan or select a Medicare Advantage plan that includes drug coverage. Lehigh Partners offers free enrollment assistance and will handle all the required research.