Who Needs Part D?
People Who Could Benefit from Part D
There are multiple ways to get prescription drug coverage under Medicare. But the two main ones are purchasing a Medicare Advantage Plan or enrolling in Medicare Part D. People should enroll in Part D if they want to keep monthly costs low while having more substantial drug coverage. The average monthly premium for Part D was about $30 in 2020. While each prescription drug differs in price based on the drug, Medicare Part D covers many popular prescription medications.
A Medicare Advantage Plan has many bonuses, one of which may be prescription drug coverage. The coverage itself depends on the plan. The cost depends on the program as well. In 2020, the average Medicare Advantage Plan costs around $35 a month. However, not all of these plans had prescription drug coverage, which would likely increase the monthly premium.
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People Who Don’t Need Part D
Some people don’t need Part D. These are mainly folks who already joined a Medicare Advantage Plan that they like or have another form of prescription drug coverage. If you have any of the plans below, Medicare advises you to keep your current insurance rather than enroll in Part D. The plans with good prescription drug coverage are:
- Federal Employee Health Benefits Program
- Veterans’ Benefits
- TRICARE
- Civilian Health and Medical Program of the Department of Veterans Affairs
- Indian Health Services
The best way to figure out whether Part D is right for you is to call us at Modern Senior Benefits today.
