Medicare Prescription Drug Plans

Medicare Prescription Drug Plans (Part D) help cover the cost of prescription medications. You must be enrolled in Medicare Part A and/or Part B to qualify for a Medicare Prescription Drug Plan. There are two main ways to receive Medicare prescription drug coverage:

1. Medicare Stand-Alone Prescription Drug Plan (Part D): These plans, often called "PDPs," add drug coverage to Original Medicare (Part A and Part B).
2. Medicare Advantage Plan (Part C) with Prescription Drug Coverage: These plans combine Medicare Part A (Hospital Insurance), Part B (Medical Insurance), and Part D (Prescription Drug Coverage) into one plan. Medicare Advantage Plans with drug coverage are sometimes called "MA-PDs." To join, you must have both Part A and Part B.

Ways to Save on Prescription Drug Costs:

• Use a Preferred Pharmacy: Some plans offer lower medication costs at preferred pharmacies.
• Opt for Generic Medications: Generics are often less expensive than brand-name drugs.
• Use Mail Order: Some plans provide discounts if you use their mail-order pharmacy service.
• Use Discount Savings Cards: Programs like GoodRx, SingleCare, and other pharmacy discount plans can offer additional savings on prescriptions. However, be aware that using these discount savings cards will not count toward your Medicare prescription drug plan’s deductible or out-of-pocket maximum.

Medicare Prescription Drug Coverage Penalty

If you don’t enroll in a Medicare prescription drug plan (Part D) when you are first eligible, you may have to pay a penalty if you decide to join later. This penalty is an extra cost added to your monthly premium.

How the Penalty Works:

• Eligibility: You can avoid the penalty if you enroll in a Part D plan or a Medicare Advantage Plan with drug coverage (Part C) when you first become eligible for Medicare.
• Late Enrollment: If you don’t sign up for a plan when you are first eligible and go without creditable prescription drug coverage for 63 consecutive days or more, you may incur a penalty when you do enroll.
• Penalty Amount: The penalty amount is calculated based on how long you went without coverage. It is added to your monthly premium and may increase each year.

To avoid this penalty, it's important to enroll in a Part D plan or a Medicare Advantage Plan with drug coverage as soon as you are eligible, even if you don't take any prescription medications at the moment.

If you have questions about your eligibility or need assistance with enrollment, feel free to contact us for help.

Our Services:

• We research and find the Medicare Prescription Drug Plan tailored to your medications and pharmacy preferences.
• We offer yearly reviews during the Medicare Annual Open Enrollment Period (October 15th to December 7th).
• We are available year-round to answer your questions.

About Us:

• Serving the Medicare community since 2000.
• Independent, local, licensed, and certified to work with most insurance companies in Arizona and Nevada.
• We work for you, not the insurance companies.

Contact Us:

If you have questions about your eligibility or need assistance with enrollment, feel free to contact us for help.

• Call 480-782-1630
• Email: diane@myhic.com for questions or to schedule a meeting.