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Medicare Part D
Medicare Part D is prescription coverage for medications that you fill at the pharmacy. You can have Part D as a single “stand alone” plan or included with a Medicare Advantage plan (Part C). With Traditional Medicare and a Medicare Supplement, you need a "stand alone" Part D plan. Part D is provided by private insurers who have a contract with Medicare. The monthly premiums, coverage, and costs vary with the different plans, however, they will each follow guidance set by Medicare.
Part D Plans have a monthly premium and may have deductibles & copays when you fill your medications. For any particular plan, monthly premiums are the same for everyone and are not based on your health or the number of medications you take. When evaluating your options, you should consider how plans cover your current and possible future medication needs.
Part D plan providers will typically offer a basic plan, mid level, and a premium plan. These plans will vary in terms of medications covered, deductibles, and co-pays. Basic plans will typically have a reasonable monthly cost and provide essential coverage. Premium plans are more expensive and will usually have low or no deductible and cover a wider range of medications. The type of plan that's best for you will be determined by your individual needs and preferences based on available plans in your area. Below are sample plan benefits for Basic and Premium level plans.
$10 - $30 monthly premium.
$0 deductible for generics, $435 annual deductible for brand & specialty meds.
$0 co-pay for basic generics, $45 brand.
90 day home delivery available.
$50 - $80 monthly premium.
$0 deductible for generics, brand, & specialty meds.
$0 co-pay for basic generics, $30 - 45 brand.
90 day home delivery available.
The examples above show sample features & benefits. You should review the summary of benefits for any plan you are considering and know how each plan covers your medications.
About Your Agent
Throughout his career as a Licensed Insurance Agent, Ben Rodriguez has helped hundreds of Medicare recipients. Since obtaining his degree in Business Finance from Kent State University, Ben has acquired nearly 15 years of experience in financial services and insurance. Having a close relationship with his parents and grandparents has made him especially in tune to the needs of boomers and seniors. Ben is known for his professionalism with a personal touch that he brings to each of his clients.
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