Wenrick Insurance: Florida’s Go-To For Medicare Part D Prescription Drug Coverage in Destin

What Is Medicare Part D?

Medicare Part D is a federal program administered through private insurance companies. These insurance companies offer prescription drug coverage to Medicare beneficiaries. Like all health plans, these plans typically include deductibles, co-pays, co-insurances, and gaps in coverage.

Simply put, Medicare Part D is insurance for your medication needs. You pay a monthly premium to an insurance carrier for your Part D plan, giving you access to use that insurance carrier’s network of pharmacies to purchase your prescription medication. Then, instead of paying full price, you pay a copay or percentage of the drug’s cost, and the insurance company pays the rest. Prescription medication can range in price from a few dollars per month for generics to over a thousand dollars per month for brand name & specialty drugs. Without Part D, you could be responsible for paying the full cost of your prescriptions!

It is important to understand your needs and purchase an appropriate policy to limit your out-of-pocket expenses. One size does not fit all, so it is important to base your decision on the plan premiums and the prescription drugs you take, the purchasing method you prefer, deductibles, copays, and the plan rating.

Medicare Part D Eligibility And Enrollment

You may sign up when you first become eligible for Medicare (three months before the month you turn age 65 until three months after you turn age 65). If you get Medicare due to a disability, you can join three months before to three months after your 25th month of cash disability payments.

If you don't sign up when you are first eligible, you must pay a penalty. The penalty is equal to 1% of the base plan premium for each month of non-compliance. If you didn't join when you were first eligible, your next opportunity and the only time you can enroll is during the Annual Enrollment Period (AEP) each year. This time period runs from October 15th through December 7th – with the coverage taking effect the first day of January the next year.

Understanding Medicare Part D Prescription Drug Plans

Medicare Part D is one of the programs that most people know something about but not enough to make an educated decision on what is truly needed when the time arrives to purchase a plan or reassess a current plan. That why speaking with a knowledgeable insurance agent from Wenrick Insurance can really help. Although it is possible to purchase a plan through the internet, it is your health on the line, so you want to be sure you understand what is and is not covered.

Important points you need to know:

• Medicare prescription drug coverage helps you pay for the prescriptions you need.
• Medicare prescription drug coverage is available to all people with Medicare.
• There is additional help for those who need it most.
• Medicare prescription drug coverage pays for brand name as well as generic drugs.