Medicare Part C (Medicare Advantage)
Medicare Part D (Prescription Drug Plans)
Prescription drug costs have skyrocketed over the years. Even with new legislation being enacted in recent years, prescription drugs remain a large cost for our seniors. Unfortunately, prescription drug coverage is not included in Original Medicare (Part A and Part B), so what should you do? Fortunately, there is an option. You can enroll in a Part D Plan or more commonly known as a Prescription Drug Plan!
Now, there is a little bit to this so we’ll do our best to make this as easy to understand as possible. Once you have enrolled in Medicare Parts A and B, you can add one of the Prescription Drug Plans available in your area. There are a variety of Medicare Prescription Drug Plans available to you and all vary in cost and coverage. That is why we recommend contacting a us as soon as possible so that we can compare these plans according to your specific prescriptions and budget.
The one exception to enrolling in a Part D plan is if you enroll in a Medicare Advantage plan that already includes prescription drug coverage. These are referred to as MAPD plans and also vary in cost and coverage. This is why it is so important to sit down with a licensed agent so that you can review all of your options.
Don’t forget, if you are not enrolled in a qualifying MAPD plan and fail to enroll in a Part D plan in time, you may face a late enrollment penalty! If you have a period of 63 days or more without Part D or other creditable drug coverage, you may have to pay a late enrollment penalty. The penalty is calculated each year by multiplying 1% of the national base beneficiary premium ($32.74 in 2020) by the number of full, uncovered months you were eligible. To simplify this, just give us a call!
Part D also has a premium and it varies based on your income. We have included a chart below to help you better understand how Part D premiums work!
Know Your Options and Call Us Today for More Information
Our advice is built with no agenda, just pure guidance when it comes to life insurance coverage. You can count on David Petersen with 40 plus years of experience. With our help, we will ensure you gain coverage the way you want to. For more information, call us at 480-694-2470