Medicare Part D: What You Should Know
Healthcare is expensive no matter how much or how little you need to stay healthy. Doctor appointments, emergency room visits, and the associated bills add up quickly. Medicare strives to supplement payment for various healthcare needs, offering four main plans to comprehensively cover your medical costs. Among those plans is Medicare Part D.
Medicare Part D Benefits
While our primary focus will be Medicare Part D, it’s important to understand the plans that build up to prescription coverage. The four main Medicare programs and what they cover include:
- Part A: hospital stays
- Part B: physician fees
- Part C: beneficiary medical care
- Part D: prescription medications
Medicare Part D was formed to alleviate some of the costs associated with prescription medication by covering most outpatient prescriptions and some vaccines. A Medicare Part D plan can cover generic and brand name prescriptions, and each plan has a list of covered prescriptions called a formulary, so you can choose the right plan to meet your needs.
When & How to Enroll in Medicare Part D
Once you reach the age of 65, you are eligible to enroll in the Medicare healthcare plans. The Initial Enrollment period for most is a seven-month period that starts three months before you turn 65 years old. Inquire about a Specialty Enrollment Period and see if you hit the requirements needed to enroll. Remember: delaying enrollment can result in penalties, so as soon you are eligible, enroll!
Private companies offer Medicare Part D coverage as a stand-alone plan for those already enrolled in Original Medicare (Part A and Part B) or as a set of benefits added into your Medicare Advantage (Part C) plan.
When deciding what plan to go with, consider what medications you will need covered, your potential prescription needs in the future, and your monthly budget for premiums that’s affordable for you.
About Angus Lake Healthcare
Facilities in Middle Georgia partner with Angus Lake Healthcare for comprehensive compliance packaging, pharmacy, professional, and delivery services. We offer a higher level of service that results in improved patient outcomes so that your staff can continue to focus on providing excellent resident care. As an independent pharmacy, we consult with doctors, fill and package prescriptions, deliver them, and also maintain watch over prescription changes for patients. We take the worry out of medication management to ensure your patients get the medications they need in order to give your team more time to focus on patient care.