Medicare Drug Plans
Medicare Drug Plans, are also know as Medicare Part D. They are offered by many of the same insurance companies that offer Medicare Health Plans. If you don’t enroll in a Medicare Advantage Plan, you will need to enroll in a stand alone drug plan.
When Can I Enroll in Medicare Drug Plans?
In order to enroll in one of the Medicare Drug Plan, you must be enrolled in Medicare A and/or B, live in the plan’s area, and have a valid enrollment period, such during the Annual Enrollment Period, your Initial Enrollment Period, such as when you first turn 65 or a Special Enrollment Period such as when you leave employer coverage. If you don’t enroll in a drug plan when you are first eligible or go more than 63 days without coverage afterwards, you will be charged a penalty.
Why should I review my plan every year?
Every year the plan benefits and costs are different than they were in prior years. In Florida, there are about 20 Medicare Drug in each zip code.
What are the Costs of Medicare Drug Plans
- a monthly premium,
- an annual deductible,
- copays or coinsurance, based on which of the 4 or 5 tiers your medication is grouped in the company’s Formulary. You will pay less for a Tier 1 generic drug than a Tier 4 Brand drug.
- which medicare drug stage you are in.
- The chart above shows your drug costs whether you are enrolled in a stand alone drug plan or in a Medicare Advantage Plan.
How to Select the Right Medicare Drug Plans?
In Florida for 2017, the plan benefits and costs are different than they were in prior years. There are about 20 plans in Florida in each zip code. Some Medicare Drug plans will charge you less if you buy your drugs at a Preferred Network Pharmacy. Since the costs can vary greatly, it’s important to review all of your options when selecting a plan.
Follow this link to sign up for Medicare: