Did you know that October 15th, 2018 through December 7th, 2018 is the annual open enrollment for Medicare Part D coverage for 2019?
If you have a Medicare Part D prescription drug plan, or if you intend on enrolling in a plan, now is a great time to start thinking about how to reduce the costs of your prescription drugs.
What is Medicare part D prescription drug coverage?
Medicare Part D (drug coverage) was instituted in 2006 as part of the Medicare Modernization Act of 2003.
As a Medicare beneficiary, Medicare Part D prescription drug coverage is an optional insurance coverage to help you cover the costs of prescription drugs. It can be a valuable component of reducing your costs in retirement if you take prescription medications.
Unfortunately, if you don’t sign up for Medicare Part D Coverage when you’re first eligible at the age of 65, a late-enrollment penalty may be imposed if you decide to enroll later.
Many people are automatically enrolled in Original Medicare, Part A and Part B, when they reach 65 years of age. But, did you know that Original Medicare doesn’t cover most of your prescription medications (except those you may receive at a hospital inpatient or, in some cases, outpatient)?
Medicare Part B covers certain prescription drugs that you get in an outpatient setting, like a doctor’s office. However, these medications are typically ones that a doctor needs to administer.
If you want help with most other prescription medication costs, you’ll need to sign up for Medicare Part D coverage.
Your Medicare Part D Coverage May Be Costing You Money
In the past, there has been a lot of confusion as to who needed Medicare Part D, what plans were “the best”, and how penalties would work if you did not sign up when eligible around you 65th birthday.