What are the Medicare Part D facts?

Medicare Part D Facts:

Fact 1 – It is a drug benefit, and it’s voluntary. You do not need to enroll in a Medicare Part D plan , however you could be subject to a penalty if you decide not to enroll in a Part D plan.

Fact 2 – A Medicare Part D benefit, is a benefit that will assist you in helping you pay for your medications. Medicare itself does not have a Part D plan you can enroll in. What Medicare does is set the minimum standards that an insurance company must offer on its Part D drug benefit.

Fact 3 – An insurance company that offers a Part D drug plan must be contracted with Medicare and meet the minimum requirements on their plan. What Medicare does each year is set the initial coverage limits to assist in paying for your medications. Each year, the Part D benefit amounts change.

When looking at different drug plans with insurance companies. They are all basically the same in respect to the coverage limits, the amount of financial exposure you have in the donut hole. So what do you look at, when you are looking at Medicare Part D plans?

You will want to do a comparison and the best way is to have your medication list ready.

* All all your medications on the insurance plans formulary?

* What are the co-pays for your medications on the plan you are looking at?

* What tiers are your medications on?

* Do they have mail order? If so do you save additional co-payments by doing mail order?

* Is your pharmacy in network with that Part D plan?

* If you spend part of the year in a different part of the country, can you still have access to picking up medications wherever you are?

What are your resources to obtain information from an insurance company about their drug plan? You can call the insurance company, or you can visit their website. Or they should be able to mail you out a formulary directory. Know the facts when it comes to Medicare Part D.

Need Further assistance? Call Columbia River Insurance Services today. Our services and expertise are free to you and any of our Medicare agents in Vancouver, WA are happy to assist you.

In Oregon call us at 503-382-9091. In Washington call us at 360-883-5776. You may also email us at insuranceprovider@comcast.net

For additional information, check out www.medicare.gov

This website is not affiliated nor endorsed by or with the United States Federal Medicare program. It is an independent consumer information portal only.