Medicare Part D is a prescription drug program. Like many others, it’s essential to make sure you enroll in a Medicare Part D program if you rely on prescription medications. These plans are designed to reduce the cost of prescription drugs.
If you qualify for Medicare Part A and/or Part B, we recommend enrolling in Medicare Part D simultaneously. Failure to do so may result in a late enrollment penalty if you decide to join a plan at a later date.
Typically, individuals who enroll in a Medigap policy also enroll in a Medicare Part D (PDP) plan at the same time since Medigap doesn’t include prescription drug coverage.
Medicare Part D – The Formulary
Every insurance carrier that offers Medicare Part D (PDP) issues a “formulary” or a list of the prescription drugs categorized into 5 different tiers that the plan covers. The formulary will vary based on the plan type and the insurance carrier.
At Cole Insurance and Senior Solutions, we can assist you in identifying and enrolling in the right Part D Plan that aligns with your specific drug formulary. This will help minimize your out-of-pocket expenses, reduce deductibles and copays, and offer an affordable premium.