Medicare Parts A and B include very limited prescription drug coverage. Part D Prescription Drug Coverage is often included in Medicare Part C, a Medicare Advantage Plan, but you will want to be sure given the cost of prescription drugs. Medicare Part A and B beneficiaries across the nation have the option of enrolling in Medicare Part D to get help with their prescription drug costs. Navigating Medicare insurance plans can be difficult. If you make a mistake, you can face monetary penalties and enrollment delays. Wenrick Insurance agency of Destin, Florida can help you shop for and enroll in the best Medicare-approved part D plan that best fits your needs.
You may sign up when you first become eligible for Medicare (three months before the month you turn age 65 until three months after you turn age 65). If you get Medicare due to a disability, you can join from three months before to three months after your 25th month of cash disability payments.
If you don't sign up when you are first eligible, you must pay a penalty. The penalty is equal to 1% of the base plan premium for each month of non-compliance. If you didn't join when you were first eligible, your next opportunity and the only time you can enroll is during the Annual Enrollment Period (AEP) each year. This time period runs from October 15th through December 7th – with the coverage taking effect the first day of January the next year.
Medicare Part D is one of the programs that most people know something about but not enough to make an educated decision on what is truly needed when the time arrives to purchase a plan or reassess a current plan. That why speaking with a knowledgeable insurance agent from Wenrick Insurance can really help. Although it is a possible to purchase a plan through the internet, it is your health on the line, so you want to be sure you understand what is and is not covered.
Important points you need to know:
Medicare Part D drug plans also have changes from year to year. Your plan’s benefits, formulary, pharmacy network, provider network, premium and/or co-payments/co-insurance may change on January 1st of each year. It is a very good idea to shop your Part D plan each year during the Medicare Annual Enrollment Period from Oct. 15th through Dec. 7th. Pricing your drugs during the AEP window can help you in avoiding unpleasant surprises the following year. As an independent insurance agency Lucleon Insurance specializes in senior health plans and can help you make sense of everything involving Medicare part D plans so you may choose the best plan from the start and every year on out.
Let us help simplify the process!
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