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MedicareScreenShare@gmail.com
Medicare Part D 2020
Okay lets look at Medicare Part D or Medicare prescription drug coverage. It is run by medicare approved private insurance companies and you pay a premium to lower the cost your prescription drugs. Now every plan has a list of covered drugs or a Formulary, and these Part D companies can change their formularies each and every year so it is important to alway check to see if you are on the lowest cost plan for the drugs you are currently taking. Most people will enroll into a Medicare Part D plan durning their Initial Enrollment Period. This is a 7 month period that starts 3 months before the month you turn 65, includes the month you turn 65, and ends 3 months after the month you turn 65. Some other people may also enroll during a special enrollment period. Most often this is when you retire and lose employer drug coverage, but there are other ways to qualify for a special enrollment period other than just retiring. Now if you miss your initial enrollment period or you do not qualify for a special enrollment period then you can enroll later durning AEP or the annual enrollment period. AEP runs between October 15th and December 7th of each year. Your Part D coverage will then be affective on January 1st for the following year… Now If you enroll into a medicare part D Plan for the fist time durning AEP and you may need to pay a late enrollment penalty. This penalty is added to your Medicare Part D monthly premium. So just make sure to enroll durning you Initial Enrollment Period or at least make sure you will qualify for a Special Enrollment Period if you plan on enrolling into medicare more than 3 months after the month of your 65th birthday.
Enrolling in a Medicare Part D plan is easy. You can enroll over the phone by calling medicare directly at 1-800-633-4227 or you can go to Medicare.gov to enroll. If you go to Medicare.gov this is how it works. First press the Find 2020 Health & Drug Plans button. Then you can continue and create an account or just continue without logging in if you want to check your option right away. Then just let them know you are looking for Part D plan and plug in your zip code, county, and if you are on any any special government programs. Then just let them know that you want to see drug cost and how you would like to fill your prescriptions. The next page is the most important. Make sure to enter your prescription drugs in carefully, and fill out the information as accurately as you can. The last step is picking out the pharmacies where you would like to fill you prescription. Make sure to pick at least 2 pharmacies so you can compare prices. Then you will get to your results. Make sure to sort plans by lowest drug and premium cost because there is no point in paying more than you have to for your prescriptions. Here you can compare plans and even enroll in a plan right over your computer. Like I said before these companies change their formularies every year so you will need to call medicare or check this webpage each year to make sure you are on the lowest cost plan for the drugs you are currently taking. You can check this every year during AEP. Again AEP runs between October 15th and December 7th of each year… And Changing your Perception Drug Plan during this time will make you new drug plan effective January 1st of the upcoming year.
Now when most of you are comparing and reviewing the details of your different Part D prescription drug plans you will see something like this in the Plan Details view. It will be a consistent number month to month and your estimated drug cost will seem reasonable for the year… But if you see this and your cost seem all over the place and expensive then understanding how Medicare Part D works will be important for you.
Now A donut is used to represent how most drug plans work on plan D of Medicare… So before you can even get any coinsurance from you drug company you need to pay up to a $435 yearly deductible. After that you must pay a copayment, and these copayments can be different from company to company and even from drug to drug. So you pay these copayments until you and the insurance company together have paid a total of $4020. Then you reach the donut whole or the coverage gap. In this gap you will be responsible for paying up to 25% for brand name drugs and 37% of generic drugs. Now when you have paid a total of $6350 you move into catastrophic coverage. This is when the government steps in and helps you out. You are then responsible for 5% of drugs cost from this point until the end of the year.
My Website:
Contact Me:
MedicareScreenShare@gmail.com
My Website:
Contact Me:
MedicareScreenShare@gmail.com
My Website:
Contact Me:
MedicareScreenShare@gmail.com
Medicare Part D 2020
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