Medicare Part D (Drug)
Medicare Part D is Medicare’s prescription drug coverage
Each Medicare Part D plan has a list of drugs it covers called a formulary, which allows you to know if a plan covers your prescriptions
Each Medicare Part D plan has different premiums, co-pays, and deductibles
Some Medicare Advantage plans include Medicare Part D coverage
Beware of Lifetime Late-Enrollment Penalty
If you decide to not get Part D when you’re first eligible, and you don’t have other creditable prescription drug coverage (i.e. drug coverage from an employer of union), you will most likely pay a late enrollment penalty if you join a plan later. This penalty will follow you for as long as you have Medicare Drug coverage.
If you are already enrolled in a Part D "standalone" plan or a Medicare Advantage plan that incorporates drug coverage, you can switch plans during the annual enrollment period, which runs from October 15th to December 7th each year.
CMS REQUIRED DISCLOSURE:
“We do not offer every plan available in your area. Currently, we have 6 carriers who offer a total of 13 plans in Indiana. Please contact Medicare at Medicare.gov or 1-800-MEDICARE to get information on all your options.”
LHF Insurance Agency will help you take the guesswork out of finding the best plan for your specific needs, while also helping you navigate the enrollment periods and any late-enrollment penalty potential.