Everything You Need To Know About Medicare Part D Plans

As we grow older, almost every bodily function starts deteriorating. Eventually, we have to deal with ailments that accompany the aging process. Visits to the doctor, hospital bills, medical bills, etc. can eat into your savings. So, it has become a norm these days to have a Medicare since it helps you deal with the rising medical bills and ensures that you have everything you might need to deal with the ailment.

What is Medicare?
A Medicare is a federal health insurance program meant for people over the age of 65 or older, and for the younger section of the population who have certain disabilities such as end-stage renal disease. The Medicare is divided into four parts, each dealing with a particular agenda. They are Medicare Part A (Health Insurance), Medicare B (Medical Insurance), Medicare Part C (Medicare Advantage Plans), and Medicare Part D (Prescription Drug Coverage).

Though each of the Medicare parts is meant to make healthcare cost-effective, the Medicare Part D plans come as a relief since it allows the Medicare beneficiaries to avail of their medications at a subsidized rate. The Medicare Part D, also known as the Medicare Prescription Drug Benefit, is a federal government program of the United States which aims at providing subsidized prescription drugs and prescription drug insurance premiums for Medicare beneficiaries.

People who have opted for the benefits of Medicare under the Medicare Part A and/or Part B are eligible to apply for the Medicare Part D plans. If you hadn’t initially applied for the Medicare Part D plans when you were eligible, you might have to pay a late enrollment penalty if you decided to opt for the Medicare Part D plan later in life. If you wish to opt for a Medicare Part D coverage, it has to be a joint plan run by an insurance company or a private insurance company that is recognized by the Medicare.

If you have decided to shop for Medicare Part D plans, it is imperative that you understand that it will be a complex process, but with the right tips and strategies, you can avail of the perfect Medicare Part D plan which will save a lot of money. Here are some tips to adhere to while shopping for the right Medicare Part D plan.

• Update your research information every year
  It is common knowledge that Medicare Part D plans change every year. So, the plans that caught your eye the previous year might have alterations made to it. So, check the plans thoroughly since there might be changes in how they cover particular prescription drugs. Thus, do not stall your decision to opt for a Medicare Part D plan when you see that it fulfills all your requirements. Opt for it since the plan can change the next year.
• Shop around
  If you aren’t satisfied with your current Medicare Part D plan, you still have a chance to change it. You will have the opportunity to switch Medicare Part D plans from October 15^th to December 7^th. Since you cannot change your Medicare Part D plan outside this window, be ready to look around and see which plans have reduced costs and which provide better benefits for the amount you will be paying. Use this shopping window wisely.
• Be comfortable with changing pharmacies
  Medicare websites have a plan finder feature that you can use to find the right Medicare Part D plan. While using the plan finder feature, you might have to choose different pharmacies. Since different pharmacies offer medications at different prices under the same Medicare plan, it is sensible to search multiple pharmacies which can charge you less.
• Check for restrictions on the drugs
  Certain Medicare Part D plans require prior authorization before they can cover the drugs that you use. Since this will pose a serious problem in future when you set out to buy your medicines, it is imperative that you check the Medicare Part D plan and opt for another one which doesn’t have such restrictions.
• Couples should shop separately
  Usually, couples often opt for a Medicare D plan that can cover both their requirements. However, this can prove detrimental cost-wise and convenience-wise. A Medicare Part D plan that might suit your requirements might not be conducive to your significant other’s needs if you take medicines for different ailments. So, to prevent problematic conditions from arising, it is advisable for couples to shop separately.
• Recheck the list of medications
  Though Medicare Part D plans to provide what they promise, it doesn’t hurt to recheck the list of medications that the plan provides. So, contact your Medicare provider and re-check the list of medications that will be made available to you. This would save you from a lot of hassles in the future and ensure that your money doesn’t go waste.

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