Medicare is a health insurance program administered by the federal government to help senior citizens pay for their health care. Medicare is divided into four different parts, and each part has specific characteristics that help with health care expenses. Medicare D is a part of Medicare that helps senior citizens with the costs of prescription drugs.
Identification
Medicare Part D is also known as "Prescription Drug Coverage." Part D is available to any person who already has other Medicare coverage. Part D pays for part of the costs of generic and brand-name drugs prescribed by a doctor, which you may purchase at the pharmacy of your choice. There are several prescription drug plans to choose from, and the range of the coverage you receive, and whether or not particular prescription drugs are included, depends on the plan you choose.
Premiums
Unlike Medicare Part A, enrollment on Medicare Part D is voluntary. Part D also requires payment of monthly premiums since the Medicare tax only pays for the benefits received in Part A. The amount you need to pay to receive Part D benefits depends on the plan you choose. Each plan has different coverage and different costs. Better and more complete coverage is usually associated with higher costs. However, you should only choose the coverage you need so you can minimize your costs.
Plans
There are two types of plans from which you can choose. Medicare prescription drug coverage plans are offered through Part D. However, you can also opt for prescription drug coverage through Medicare Advantage plans. These plans are offered through Medicare Part C, which sometimes include prescription drug coverage in their policies for an extra cost. If you have a Medicare Part C plan that does not offer prescription drug coverage, you can still enroll in Part D.
Enrollment
Enrollment in Part D is voluntary. To enroll, you must first have Medicare Part A or Part B coverage and live in an area where prescription drug plans are available. Go to the Medicare.gov website to find out which plans are available in your area. Once you have decided on the plan you would like to enroll in, you can fill out an online application or you can contact the plan provider online and request an application. You may also call the company by phone or call Medicare at 1-800-MEDICARE to enroll. Once you are enrolled, you will need to start paying monthly premiums.
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