Medicare Part D Plans
Quotes for Medicare Part D Plans.
Cover Prescription Drug Expenses
Medicare Part D
The Robert J Stillwell Agency can help with a number of Medicare insurance plans. Among those is Medicare Part D coverage. Medicare Part D went into effect in 2006 and helps to keep the cost of prescription drugs lower for those who are on Medicare. If you are considering signing up for Medicare Part D, read the information below or contact a representative at the Robert J Stillwell Agency who will be happy to discuss with you all the benefits and costs associated with Medicare Part D.
Medicare Part D Information
What is Medicare Part D?
Medicare Part D, also called the Medicare prescription drug benefit, is an optional United States federal-government program to help Medicare beneficiaries pay for self-administered prescription drugs. Part D was enacted as part of the Medicare Modernization Act of 2003 and went into effect on January 1, 2006.It is offered through private insurance companies that have a contract with Medicare. Medicare Part D helps to cover the additional costs of prescription drugs which would otherwise not be covered by traditional Medicare coverage.
What does Medicare Part D Cover?
All Medicare Part D plans must cover a wide range of prescription drugs which individuals on Medicare may take. Each Medicare Part D coverage plan has a “formulary”. The formulary lists the drugs which are covered by the particular Medicare Part D plan. Each Medicare Part D plan may have a different formulary, however; most plans include drugs from protected classes such as cancer or diabetes prescriptions. In order to keep costs as low as possible, prescription drugs are organized into cost “tiers”.
Here’s an example of a Medicare drug plan’s tiers (your plan’s tiers may be different):
- Tier 1—lowest copayment: preferred generic prescription drugs
- Tier 2—low copayment: generic prescription drugs
- Tier 3—medium copayment: preferred, brand-name prescription drugs and select Insulins
- Tier 4—high copayment: non-preferred, brand name prescription drugs
- Tier 5—Specialty Tier: highest copayment- some injectables and other high cost drugs
Each Medicare Part D plan may have different tiers and different prescription drugs in each. The best way to determine the best plan for you is to discuss with a knowledgeable insurance agent, like those at the Robert J Stillwell Agency!
How Much is Medicare Part D?
The cost of Medicare Part D can vary, however; it is important for individuals to sign up for a Medicare Part D plan when they are first eligible. If they do not, they may have to pay a late enrollment penalty.
The cost of Medicare Part D also changes depending on the income level which you are at. If you make $97,000/year individually, or $194,000 if filed jointly, then there is an extra cost which you must pay associated with Medicare Part D.
How to Get Medicare Part D
Which Medicare Part D Plan is Best?
As with any insurance product, choosing the right plan is going to depend on the needs of the individual who is purchasing the product. The best way to determine which Medicare Plan D part is best for you is to discuss with a knowledgeable representative, like those at the Robert J Stillwell Agency.
No matter the Medicare Part D plan which you are considering, speaking with a knowledgeable representative at the Robert J Stillwell Agency can provide you with insights and peace of mind which you may otherwise not have. A representative will be happy to discuss with you all of the costs, differences and steps associated with getting Medicare Part D coverage for yourself
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