A Stepbystep Guide To Medicare Part Ds Prescription Drug Plan

A Stepbystep Guide To Medicare Part Ds Prescription Drug Plan



A StepbyStep Guide to Medicare Part D’s Prescription ​Drug​ Plan
By May 15 of​ this year, if ​ you haven’t signed up for the program, you could end up without ​Drug​ coverage, or​ have to pay the penalty for applying after the deadline. ​
The penalty is a​ 1% increase in your premium for each month after May 2018 in which you don’t enroll.
The following is a​ stepbystep guide designed to get down to the basics of​ Medicare Part D, cut through the jargon, and ​ tells you exactly what you need to know.
Step #1 Eligibility. ​
Are you eligible for Medicare’s new prescription ​Drug​ plan? Simply put, if ​ you are eligible for Medicare Part a​ or​ Part B, you are eligible for Part D.
Step #2 Cost. ​
What will Medicare Part D cost you? For ​Drug​ expenses in the range of​ $0$250, you pay 100% of​ the cost. ​
When and ​ if ​ your costs fall between $250$2,250, the plan pays for 75%, and ​ you pay for 25%.
At this point, the infamous coverage gap, often referred to as​ the donut hole, comes into play. ​
Essentially, if ​ your total ​Drug​ costs, which include what you and ​ the plan pay for prescriptions, exceed $2,250 per year, you pay 100% of​ your ​Drug​ costs after that point until you reach $3,600 in outofpocket expenses total $5,100 in ​Drug​ costs. ​
But after you escape from the donut hole, you only have to pay for 5% of​ your ​Drug​ costs.
What you pay also includes the usual insurance costs associated with a​ ​Drug​ plan. ​
if ​ you do not qualify for extra help, you will pay monthly premiums, a​ yearly deductible, and ​ copay or​ coinsurance for each prescription.
If you qualify for extra help due to a​ limited income, you will pay low or​ no monthly premiums, low or​ no yearly deductible, low or​ no copay or​ coinsurance for each prescription, and ​ you don’t have to worry about the coverage gap.
Through Medicare’s prescription ​Drug​ plan, you must choose ​Drug​ coverage from one of​ the many private plans made available for the purpose of​ Medicare Part D. ​
This is usually the point at ​ which people become the most confused. ​
There is a​ wide range of​ plans from which to choose, and ​ in the end, the right one for you depends on your unique circumstances. ​
Search for the plan that offers the lowest total costs for the year, including your premiums, deductibles, copayments or​ coinsurance for each prescription, and ​ any ​Drug​ costs you pay during the coverage gap.
To best compare the available plans, visit the http//www.medicare.gov prescription ​Drug​ plan finder.
Step #3 ​Drug​s Covered. ​
Choosing an insurance plan also requires that you make a​ selection based on the specific ​Drug​s you need. ​
The list of​ ​Drug​s covered is called a​ formulary. ​
So when determining which plan is best for you, cost is only one consideration you must also make a​ choice based on the type of​ ​Drug​s covered. ​
Generic and ​ brand name ​Drug​s are included in the formularies, but if ​ a​ ​Drug​ you take is not on the list, you will either have to pay for it​ in full, or​ switch to a​ similar ​Drug​ that is covered by the plan.
Step #4 Joining. ​
Signing up for a​ plan is, luckily, easier than you may think. ​
You can either sign up through the plan’s website or​ through Medicare.gov. ​
Another option call the company offering the plan you desire, or​ call Medicare directly.




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