Medicare is a federally-funded program for individuals who are U.S. citizens or have worked at least 40 quarters (10 years) any Medicare-sponsored job. Most people become eligible for Medicare when they reach age 65, but you may qualify if you are younger if you have End-Stage Renal Disease. However, the majority of people become beneficiaries of Medicare during the 6-month timeframe around their 65th birthday.
Medicare is broken down into four parts: A, B, C, and D. Medicare Part A covers your hospital expenses, whereas Part B is considered your medical insurance. Part A covers your care in an inpatient facility or skilled nursing facility. Medicare Part B, on the other hand, covers outpatient services, such as regular check-ups, lab tests, medical devices, and telehealth services. Medicare Part C includes Medicare Advantage or Medigap Plans, which is supplemental insurance. But none of these cover prescription drugs.
What Is Medicare Part D?
Medicare Part D is a federal program that began in 2006 and allows beneficiaries to have access to their prescription drugs from retail pharmacies at an affordable price. Unlike enrolling in Medicare Plan A or B, you must enroll in Part D plan through a private insurance company in the area you live in. If you live in West Palm Beach, Florida, then South Florida Medicare Specialists are happy to help you!
How much does Medicare part D cost?
The monthly premiums for Part D drug plans vary because each of the private insurers set their own rates. The nationwide average monthly premium for the year 2020 is $30. Some plans are as low as $10 a month, and some are as high as $170 per month.
The Center for Medicare and Medicaid Services administers the Medicare program and sets the guidelines that insurance companies offering Part D plans must follow. In 2020, they have set the deductible at $435 for Medicare Part D. This means that you are required to pay that amount out of your own pocket before your Medicare Part D will kick in and cover your prescriptions. A private insurer may offer you a plan with a lower deductible and a higher premium, but no plan can have a deductible that is higher than $435.
Do I need to enroll in Medicare Part D?
While Medicare Part D enrollment is voluntary, it can save you hundreds or even thousands of dollars on medications that you may need. If you are planning on joining Medicare Parts A and B, and using them as your primary health insurance, then you should enroll in Medicare Part D when you become eligible for Parts A and B. However, you can delay enrollment if you are still working and your employer’s health insurance includes drug coverage. You will not be penalized for delaying your enrollment.
How do I enroll in Medicare Part D?
Enrolling in Medicare Part D is based on where you live. You will need to speak directly with one of our South Florida Medicare Specialists to learn more about the Medicare products and plans available in your area. Because Medicare Plan D is provided by private insurers, your South Florida Medicare Specialist can compare and contrast plans and let you know what other clients have reported in terms of their satisfaction with their plans.
Contact The South Florida Medicare Specialists
The best way to know which plan will work for you is to speak to one of our South Florida Medicare Specialists. We speak with each of our clients to find out what their medical needs are so we can find a plan that will ensure those needs are met. Give us a call today and we can begin your enrollment process.