How Medicare Part D Works
Step 1: Enroll in Part D
Medicare Part D is pretty straightforward. To use it, you first have to enroll in it. You have to enroll in Medicare Part D during your Initial Enrollment Period if you’re turning 65. If you don’t enroll during this period, you’ll be subject to a late fee once you do enroll.
Once you sign up, you’ll get a Medicare card that you can take to pharmacies. Some pharmacies are in your preferred network. Check with different pharmacies near you to compare drug prices.
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Step 2: Pay a monthly premium, copay, and deductible
Once you enroll in Medicare Part D, you’ll have to pay a monthly premium. In 2020, the average monthly premium for Part D was around $30. You have to pay up to the yearly deductible, $435 in 2020, for coverage to begin. After that, you have to copay that changes depending on the medication.
Step 3: Decide if you’d like to switch plans or keep Part D
If you like Part D, you can enroll in it again the following year. But if you don’t want Part D and would like to stop paying for coverage, you can change to a Medicare Advantage program during the Annual Open Enrollment Period or the MA Enrollment Period.
To learn more about whether Part D is right for you, contact us at Modern Senior Benefits today.
