How to Pick a Medicare Part D Plan

by admin on June 22, 2019

Medicare was confusing enough before Part D came along. What is Medicare Part D and how do you enroll in it?

Medicare Part D is prescription drug coverage under Medicare. It was added as part of the Medicare Modernization Act of 2003. This plan is administered by private insurance companies for Medicare. You will need to pick a plan from a provider in your area and enroll with that company.question.jpg

Medicare Part D has an annual deductible of $250. You will pay monthly premiums for the coverage and the amount you pay depends on the plan you choose. After you meet the annual deductible, Medicare will pay 75% of your prescription costs up to $2250 each year. After $2250 per year you will pay 100% of the cost until your out-of-pocket expenses reach $3600. After the $3600 level is reached you will pay 5% of your cost, or a $2-$5 co-pay, whichever is greater.

There are options for individuals on a fixed-income. Social Security offers a subsidy for Medicare Part D. If you qualify the subsidy will pay your annual $250 deductible and the monthly premiums. Depending on the level of subsidy you qualify for you may only have to make co-payments of $3-$5 at the pharmacy.

To find out if you qualify call Social Security at 1-800-772-1213 or apply online at:

Once you have applied for the subsidy, or if you are not eligible based on your income, you need to choose a plan for Medicare Part D. The best way to do this is make a list of all the medications you take, including the brands and the dosage. Call Medicare at their toll-free number (1-800-633-4227) and ask the representative for the Medicare Part D provider list in your area.

Once you have the list of providers, (Providers are private insurance companies that administer prescription drug plans for Medicare) call each of these companies with your list of medications and find out who is going to give you the best deal for the medicines you take. Be careful when selecting a Medicare Part D provider as all the plans are different and may not cover all of your medications. These insurance companies you contact will most likely try and sell you on their plans; after all they are in this to make a buck. You will need to be a shrewd consumer and shop around for the best plan for you. Don’t let a representative push you into a plan that doesn’t meet your needs.

Once you have selected the plan that covers all of your medications with the lowest monthly premiums and the best coverage, you will enroll in that companies Medicare Part D plan. If you get stuck along the way a Medicare representative can answer your questions and get you back on track. Contact Medicare at 1-800-633-4227.


How Do I Sign Up For Medicare?

June 12, 2019

There are several different ways to qualify for coverage under Medicare. These requirements are for Hospital Insurance (Part A), Medical Insurance (Part B), and Prescription Drug Coverage (Part D). Most people who are age 65 or older are eligible based on their own employment, or that of a spouse. You qualify for Medicare coverage if [...]

Read the full article →

Medicare for Disability

June 2, 2019

If you receive Social Security Disability benefits, you are eligible for Medicare coverage after 24 months of payment. The 24 month period begins from the date you first became entitled to Social Security Disability. If you are unsure of your entitlement date, it is found on the first award letter you received from Social Security. [...]

Read the full article →

Medicare Part B

May 23, 2019

Medicare Part B or the doctor’s “Medical Insurance” pays when you visit your doctor in their office and other outpatient care. If you need to enroll in Medicare Part B here is what you need to know. General Enrollment vs. Special Enrollment General Enrollment is only open to the public January through March of each [...]

Read the full article →

Medicare for Dummies

April 23, 2019

Don’t be taken in by the title of this article; we are not implying that you are a dummy in any way. In fact, we are certain that you are an intelligent and savvy individual out to make sense of a confusing and poorly documented government health insurance program. With that said, here are the [...]

Read the full article →
Page 1 of 212