Prescription Drug Plans

Part D

Medicare Part D, or Prescription drug coverage component of Medicare. It is an optional benefit.

Prescription drug coverage is offered to everyone with Medicare coverage either through Original Medicare or a Medicare Advantage plan without drug coverage.

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About Part D Part D Questions

What is Medicare Part D?

Started in 2006, Medicare Part D was an option for Medicare beneficiaries looking for coverage of outpatient prescription drugs. Before 2006, Medicare only covered a portion of drugs administered during a hospital stay through Medicare Part A or during a doctor’s office visit through Part B. Part D serves as a way to assist Medicare beneficiaries in paying for prescription outpatient drugs, certain shots, and vaccines obtained at pharmacies.

Unlike Original Medicare Part A and B, Medicare Part D is offered through private insurance companies following regulations set by Medicare. As with many other private healthcare insurance options, you are expected to pay a monthly premium, an annual deductible, a copay, coinsurance, and other out-of-pocket costs. Those making 150% or below the federal poverty line may qualify for Federal assistance programs to help with paying Part D premiums, deductibles, and copays through a subsidy.

What is Covered by Part D?

All plans for Part D will offer prescription drug coverage, but every plan has a difference in the specific drugs it covers and its costs. Your specific plan will come with a formulary, a drug list of prescription drugs covered by your insurance. These drugs will be split into different tiers, with lower-tiered covered drugs typically costing less than higher-tier covered drugs.

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How Do You Enroll?

There are two main methods to enroll in Medicare Part D for those seeking coverage through Medicare Part D.

The first option is to purchase Medicare Part D as a stand-alone plan if you have Original Medicare. These plans are often referred to as PDP plans or Prescription Drug Plans. These insurance plans will not offer hospital or medical coverage, so the beneficiary must be enrolled in Original Medicare Part A & B to receive coverage.

You can also enroll in a Medicare Advantage Plan (or Medicare Part C) that includes bundled prescription drug coverage. In many cases, the Part D premium is included in the Medicare Advantage plan premium.

Why Work With an Independent Insurance Agency?

Selecting a Medicare Part D Plan that suits your needs can be daunting and stressful. A great way to find a coverage plan that suits your needs and budget is through an independent insurance agency. At Elite Insurance Group, we help you find a great plan for the best price for your budget. We partner with and sell policies from numerous reputable insurance companies. We have years of experience guiding you through determining what insurance plan suits your needs.

Are You Looking or a Simple Way to Learn About Medicare Part D?

We’re here for you.

We can explain your options clearly and give you multiple quotes so that you can compare your options. And we’ll only enroll you in a plan if it’s your best option. We are available Mon – Thurs 8:30 am – 5 pm and Fri 8:30 am – 3 pm. No obligation to enroll.

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