What Does Medicare Part D Mean For Me?

Medicare beneficiaries are often required to take prescription drugs to manage their health. Medicare Part D is the prescription drug component in the broader collection of federal Medicare programs. It is intended to subsidize the costs of prescription drugs for persons who qualify as Medicare beneficiaries. Persons who satisfy the eligibility and enrollment requirements for Medicare Part A or Part B are able to enroll in one of two types of coverage plans offered by Medicare Part D. In other words, if a person is enrolled in Medicare Part A or Part B, they may enroll in Medicare Part D. Enrollment in Medicare Part D is voluntary.

What Are the Enrollment Requirements for the Two Types of Coverage Plans that Medicare Part D Offers?

Medicare Part D is divided into Medicare Prescription Drug Plans and Medicare Advantage Plans. Medicare Prescription Drug plans (sometimes called PDPs) are available to those who are enrolled in Medicare Part A and/or Medicare Part B. The Medicare Advantage Plan requires enrollment in both Medicare Part A and Part B. The enrollment period for Medicare Part D begins November 15 of each year.

Medicare Prescription Drug Plans

The Prescription Drug Plan covers prescription drugs only. There are a number of licensed private companies approved by Medicare that provide prescription drug plan policies. Each company offers a range of policies that cover specific formularies.

Medicare Advantage Plans

Medicare Advantage Plans that include prescription drug coverage (also known as MA-PDs) are similar to Health Maintenance Organizations (HMO) or Preferred Provider Organizations (PPO) in that you may be required to see physicians or go to hospitals that participate in the plan. These plans generally offer additional benefits and reduced co-payments than the Original Medicare plan.

Related posts

1. How Does Medicare Coverage Part D Work?
2. What Drugs Do Medicare Part D Plans Cover?
3. Does Medicare Pay For Prescription Drugs?
4. What Happens If I Do Not Enroll In A Medicare Part D Plan?
5. What is a Prescription Drug Plan (PDP) For Medicare?

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