Garner's Insurance, Medicare Prescription drug plans, Medicare Part D, Oregon Medicare RX, Oregon Medicare Prescription Drug plans

PRESCRIPTION DRUG PLANS (PART D)

Medicare Prescription plans (Part D) are offered by private insurance companies and help you pay for your prescription drugs. Each plan differs by cost (monthly premium, deductibles and co-pays) and the list of drugs (formularies) that they cover. It is important to compare plans, and select a plan that includes a formulary that has all of your drugs listed. This is when consulting with a broker could be beneficial. They can help you select a plan that compares premiums, and verifies that your drugs are listed on the plans formulary. You can get prescription coverage one of two ways: select a stand-alone Part D plan, or select a Medicare Advantage plan that includes prescription coverage. Everyone who has Medicare is eligible for prescription coverage. You can enroll in a part D plan when you are first eligible for Medicare (3 months before you turn 65 and 3 months after you turn 65). If you are eligible for Medicare due to a qualifying disability, you can enroll 3 months before to three months after your 25th month of receiving disability payments. If you don’t join a Part D plan during your initial enrollment period, the next time you are eligible to enroll is during annual enrollment period October 15th – December 7th with an effective date of January 1st the following year. If you don’t enroll in a Part D plan when you enroll in Medicare, you may have to pay a penalty if you decide later to add a plan.