Prescription drugs can become pretty expensive if you have a more than few of them to buy each year. Refilling those prescriptions can sap your finances and make it difficult to afford the medical care that you need. Medicare Part D 2020 can be the solution to this problem that a lot of seniors face.
As you grow older, you may need more medications to deal with the growing number of health ailments. This is simply a part of aging, and the various drugs you need can multiply more rapidly than your finances can keep up with. Medicare has created a prescription drug plan that is designed to handle the cost of medication. Let’s look at what Part D offers and how you can get it.
What Part D Covers
Medicare Part D is built as a tiered plan. It covers both prescription medication and over-the-counter drugs. The tiered coverage means that it will cover certain drugs completely, and others will only be covered partially.
There are multiple tiers, and each one of them offers a different level of coverage for whichever drugs fall into each tier. The list of drugs that are covered completely compared to those that are covered fully with vary from one Part D plan to the next. These plans are sold by private insurers, and those insurers will see you their own version of Part D. These plans may be very similar, but you should pay attention to exactly what is being covered by each one and whether they are worth your money or not.
There are four tiers of coverage on each Part D plan. This is how they will cover you:
Tier 1- This has a very low copayment and will cover many generic prescription drugs for you.
Tier 2- The copayment is medium level and this tier will cover brand name, preferred drugs.
Tier 3- The copayment is high here, and you will get coverage for non-preferred, name brand drugs.
Specialty Tier- High cost drugs are on this tier, and the highest copayment is required.
We Can Help You to Save Money
Compare the coverage on a Part D plan to your own needs. Consider how much you are paying out of pocket for medications and how much money you might be able to save by choosing a specific Part D policy.
You can use our site to compare the rates on Part D. We give you the tools to source quotes from various providers for this kind of insurance plan, and we list a number of them at once so that you can easily compare them. There isn’t a faster or more effective way to get the prices you need and to find the best deal than by using our website.
The more quotes you source before you sign up for Medicare Part D 2020, the more likely you are to save money and to get the best possible deal. Keep in mind that you need to find a plan that suits your specific needs. If it doesn’t cover you for what you need to have covered, then there is no point in paying any premium on that plan, no matter how cheap it is.
Part D Compatibility with Other Plans
Part D works fine with most health insurance plans. As long as you don’t already have some kind of drug coverage plan active, Part D should be compatible with your current coverage. It is designed to work with Original Medicare and Medicare Supplements. Part D won’t work with a Medicare Advantage plan that includes Part D in it, but it works fine otherwise with Medicare Part D.
If your employer healthcare plan or union healthcare plan includes drug coverage, then the Part D plan may conflict with them, so check out your current coverage before trying to add a new plan to the mix. If you have any questions, you can always talk to us and get some expert advice. We have years of experience in the medical insurance industry, and we can assist you in choosing the right plan and in figuring out what your options are.
How to Get Part D
You can sign up for Part D one of two ways- either as an individual plan or as part of Medicare Advantage. Either way, you will be getting it through a private insurance company.
You cannot sign up for it both ways at once. You would simply be paying for the same plan twice, and that makes no sense. If you want Advantage coverage and you already have Part D, then you may need to look for an Advantage plan that does not include Part D. Many of them don’t, and you can use our site to look for that kind of coverage plan as well. However, it may be more cost effective to find a Part D plan that is included in Medicare Advantage, if you need the cover that both of these offer you.
In order to sign up for Part D, you need to be eligible. That means you need to meet the eligibility requirements for Medicare, which generally include being a US citizen and being at least 65 years old. If you are not sure about your eligibility, then you can always consult us or a Medicare agent. You can sign up for Part D, which starts as soon as you turn 65 and are eligible for basic Medicare.
Medicare Part D 2020 can save you a ton of money on prescription drugs, covering you for both generic and brand name drugs. Be sure to check out a few Part D options before you make your choice. You don’t want to miss out on a great deal just because you rushed in. Our team will be happy to help you sort through your options and find the most suitable Part D plan for your medication needs. There are a number of different ones, so be sure to spend some time looking at your options to protect yourself against regret later on.
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