If you are enrolled in Original Medicare, your plan doesn’t automatically include prescription drug coverage. To receive these benefits, you must enroll in an additional plan. These plans are called Part D prescription drug coverage. There are many different Part D plans available, each covering a different range of prescription drugs.
Before you can receive benefits, you must purchase a plan. To do so, you need to wait until the appropriate enrollment period. The Annual Enrollment Period is one of these enrollment periods. During this period, you can enroll in a Part D plan and other changes to your Medicare coverage.
What Is Part D Coverage?
Before you enroll in a Part D plan, you should learn exactly what these plans cover. Part D plans, which are offered by private insurance companies that have been approved by Medicare, cover a select list of prescription medications. A Part D plan can significantly reduce the cost of prescription drugs, making good health more affordable.
The types of plans that are available vary based on location. Each plan also has a different formulary. The formulary is the list of drugs that are covered. It also details how much they will cost. If your preferred medication is not included in the formulary, you may be able to request an exception to have it covered. Though, this may not be possible in most situations.
What Is the Annual Enrollment Period
Now that you know about Part D prescription drug plans, you are probably wondering when you can join one. Well, the Annual Enrollment Period is one time that you can do so. This enrollment period begins on October 15th and ends on December 7th. The period, which is sometimes called the Medicare Annual Election Period, allows Medicare beneficiaries to make a variety of changes to their coverage. It is one of the best times for Medicare beneficiaries to start thinking about whether their coverage fits their complete needs.
Enrolling In Part D Coverage During Annual Enrollment
You can use the Annual Enrollment Period to switch Medicare Advantage plans, return to Original Medicare, or join a Part D plan. If you already have a Part D plan, you can also use the Annual Enrollment Period to switch to another plan.
Compare Part D Plans Today
Don’t wait until an enrollment period starts to begin collecting quotes on Part D coverage. You can contact The Medicare Detectives today to start comparing plans in your area!