Medicare Part D: Apply for Medicare Prescription Drug Coverage


Also known as the Medicare Prescription Drug Coverage, Part D is available for everyone enrolled in Medicare. Plan D is an option offered by private companies that have been previously approved by Medicare. This requires the payment of monthly premiums and may be added to your Original Medicare Plan when you were automatically enrolled.

 

 

If you did not enroll in this plan when you first acquired Medicare, the system requires you to pay what they call a "late enrollment penalty" if you wish to change your mind. Under this plan, you can get discounts on your prescription purchases. Eligibility for this plan is the same with Part A since everyone can take advantage of Part D. If you are experiencing financial setbacks, you can receive this service for a minimal fee or free of charge.

 

Video: Benefits of Medicare Part D

 

Application for Medicare Part D


According to Medicare, there are two ways you can enroll for this plan:

1. Enroll in a Medicare Prescription Drug Plan if you already have Original Medicare Plan (Part A).  Part D can also complement some of the Medicare Cost Plans, Medicare Private Fee-for-Service Plans, and Medicare Savings Account Plans. Part D would be additional drug prescription coverage for you.

2. Enroll in a Medicare Advantage Plan. Some of the plans under this are your HMO or PPO. You can also enroll in other Medicare health plans which allow you to add Medicare prescription drug coverage as supplement.

 

Medicare Part D

 

Periods


You can begin your prescription drug plan the moment you become eligible for Medicare. Medicare policy allows persons covered by this plan to change their plans between November 15 to December 31 of every year. The change would start on the first of January of the following year. Calendar year is applicable for this system.

 

If you, however, were not able to join Part D the moment you became eligible for Medicare and you have been going without any creditable prescription drug coverage for 63 consecutive days and beyond you will be required to pay a late penalty fee. What is known as the creditable prescription drug coverage, according to Medicare publication, is the prescription drug coverage you are expected to pay roughly equal to Medicare's standard prescription drug coverage. This kind of penalty, while it may vary from year to year, will be fixed on your bills as long as you are enrolled under this plan.

 

Eligibility


Since Medicare Part D is available for every Medicare card holder; anyone can easily apply for prescription drug coverage. The requirements for eligibility are the same with Parts A and B although Part D may command higher premium payments based on your income. But if you have problems with your financial situation, you can get coverage for a lower fee or for no cost at all. The general requirements for eligibility are stated below.

 

For Ages 65 and above

 

You or your spouse have been employed for a minimum of ten years in an employment covered by Medicare.

 

A bona fide citizen of the United States

 

You have begun to receive your retirement benefits from Social Security or the Railroad Retirement Board.

 

However, if you do not receive retirement benefits from Social Security, you will be eligible for Medicare upon reaching 65 years old.

 

For Below 65

 

You have been receiving your retirement benefits from Social Security or Railroad Retirement Board for at least two years.

 

You either have a disability or are suffering from End-Stage Renal disease subject to additional requirements by Medicare

 

Costs


The cost for this insurance will depend on the prescription you need and if you receive extra help for paying your Medicare costs. For the most part, costs include: monthly premiums charge around $27.93, $275 as deductibles, and a minimal amount for co-pay for every drug.

 

Video: What is Medicare Part D?

 

Your Options for Prescription Drug Coverage

 

Your type of Medicare plan determines the prescription drug coverage that can be made available to you. These are your options for drug coverage:

 

1. Through the Original Medicare


This will require you to join a Medicare Prescription Drug Plan. But before you can join that, you must have either or both Medicare Part A and B.

 

medicare part d prescription drug coverage

 

2. Through Medicare Advantage Plan (such as HMO or PPO and other medical health plans)


To get prescription drug coverage, you will be required to join a plan allowing that. This is allowed in Medicare Advantage Plans. Under the advantage plan, the co-payments are lower and you are entitled to extra benefits as compared to the original Medicare. However, you may be required to consult doctors and hospitals affiliated with the company providing the Medicare Advantage Plan only. Like the Original Medicare, you are required to have either or both Part A and Part B to qualify.

 

Contact Details


For more information, you can reach the following:


Medicare
Toll Free: 1-800-633-4226
State Health Insurance Assistance Programs (SHIP)
You can call Medicare for the number in your state.
*Online forms are available here. For a complete list of these forms, you can go to this link.