Medicare is a federal program designed to help the elderly cover health-related expenses. Original Medicare covers conventional medical and hospital expenses, but a noticeable hole left by Part A and B is the lack of prescription drug support. While it is not included with standard Medicare, it is possible to acquire coverage with a Medicare Part D plan, offered through private insurance companies. If you don't need prescription drug coverage at the time of your initial Medicare enrollment, it would be wise to procure it anyway during this period since it will let you avoid late enrollment penalties down the line.
Florida Medicare licenses a variety of reputable companies the privilege of offering drug coverage (Part D) to the general populace. These plans work as a supplement to your Original Medicare, paying a monthly premium to the insurance company of your choice for the benefit of prescription drug coverage. Among companies that offer Part D plans are WellCare, Humana, and Florida Blue Medicare. Their monthly premium can go for as low as $7, with costs varying between plans and companies.
To be eligible for any Florida Medicare Part D prescription drug plan, you must be enrolled In Medicare Part A and B and live in the Medicare plan’s service area that includes the prescription drug coverage. Part D’s enrollment period begins three months before your birthday, overlapping with the first eligible period for Medicare.
While you are not obligated to register for Medicare Part D during the initial enrollment period, you should apply right away to avoid late enrollment penalties. If you miss the initial period, you can enroll during the annual election period from October 15th to December 7th. During the Medicare Advantage Open enrollment period, from January 1st to March 31st.
It is important to understand for Medicare part D that out-of-pocket expenses vary from every plan, and not every premium is calculated the same. All prescription drug plans sanctioned by Medicare applies an income-related monthly adjustment amount (IRMAA) to your Part D premiums. This amount goes straight to Medicare, even if you pay monthly premiums to a private insurance company for drug coverage. The Social Security Administration will review your tax return and determine if you’re subject to IRMAA.
With this in mind, an essential step is to find a Medicare plan you feel comfortable with. In addition to monthly premiums, other costs include yearly deductibles, copayment and coinsurance, and coverage gap. The latter is the most unpredictable. It refers to a temporary increase of out-of-pocket prescription drug costs, that lasts until a certain amount of money is spent. Afterward, Medicare will greatly reduce the copayment and coinsurance you cover. Be mindful that some plans only apply to a particular pharmacy network.
If you’re comfortable with the prices, the coverage, and the process to register prescription drugs with your insurance company, then go ahead. However, if you feel like you need a better assessment at the hands of specialists, contact Medicare Health Experts to get a quote: 561-279-3804Medicare Part D Plans Florida
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